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Tax Deductions You May Not Know About!

Updated Wednesday, March 31, 2010  ::  Views (1159)

I was reading an article about tax deductions that not everybody may know about and it mentioned moving expense, which I was aware of but thought some people might not know about.  If you move more than 40 kilometres away from where you currently live in order to work, then most, if not all, of your moving expenses are deductible.  Some of the items included include:

-Cost of Moving Van

-Cost of Professional Movers

-Airfare

-Cost of reconnecting some utilities (phone, cable, electricty)

-Cost of transfering car registration from province to province

-Costs related to selling your house and buying a new one

Even if you are renting, you can still claim any cost incurred in breaking your lease. If you own a home, in order to qualify for deductions related to the sale of your home, you must maintain the same type of residence before and after the move.  Basically you can't sell your house, then move and rent something and expect to get tax deduction for it. The same goes if you're renting, you must rent in your new city.

To read the full article, click here.

 


Comments ( 1 )

John posted the following response Wednesday, April 7, 2010
I did not know that you could write those things off. It's good to know since I might have to move within the next few years for work. Thanks.

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