What Does Moving Mean For Your Taxes?
By Sylvia Cannon
Winter 2006-07
Even for taxpayers who have no plans to itemize their returns this tax season, a significant opportunity is available for servicemembers who have moved during the past year.
Anyone who has moved as part of military service to a new location that is at least 50 miles farther from his or her old home than the previous job qualifies to claim the expense as an adjustment to his or her income.
Expenses to move servicemembers and their belongings qualify for the deduction. For more information on deducting moving expenses, “IRS Publication 521, Moving Expenses” can help. Find it at to www.irs.gov.
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Sylvia Cannon, a retired Air Force logistics officer and spouse of an active duty Army officer, has been an H&R Block office manager for six years. H&R Block’s 12,500 retail tax offices nationwide can assist service members with any tax or financial concerns. Call 1-800-HRBLOCK or visit www.hrblock.com to find the nearest location.
