Asked by Rainn Cline on Jun 10, 2024
Verified
Are any moving expenses deductible other than those incurred directly for the taxpayer? If so,what are the requirements for deductibility?
Moving Expenses
These are costs associated with relocating for a job or business that, under certain conditions, may be deductible for tax purposes.
Taxpayer
An individual or entity obligated to pay taxes to a federal, state, or local government.
Deductibility
Refers to the extent to which an expense can be subtracted from gross income to reduce taxable income.
- Understand the taxation policies related to moving expenses and their qualification standards.
- Understand the criteria for deductibility of moving expenses for taxpayers.
Verified Answer
CF
Catherine FarleyJun 16, 2024
Final Answer :
Moving expenses of persons other than the taxpayer are permitted if the other persons are members of the taxpayer's household and both the old and new residences are the persons' principal place of abode.
Learning Objectives
- Understand the taxation policies related to moving expenses and their qualification standards.
- Understand the criteria for deductibility of moving expenses for taxpayers.
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