QUAD CITIES REAL ESTATE WITH RE/MAX

SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................

DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES

TOM & CYNDEE BROWNER - CRS, ABR, GRI

BROKER OWNERS OF RE/MAX BI-STATE - SERVING IOWA & ILLINOIS

1-563-388-0008 Office - 1-563-388-0083 Fax - 1-866-388-0083 Toll Free - 1-563-570-7629 Cell - 355-1616 Home

Have a question? The answer is just a call or e-mail away. Contact us at tom&cyndee@quadcitiesrealestate.com

We are both Accredited Buyers Representatives (Certified Buyer's Agents) we know you want to make the best decision. You want the best home possible for your investment. We know the market, and we work at your pace and not ours. We will guide you through all the forms, take you through the first time buyer programs and/or financing, inspections and explain everything each step of the way. We take care of all the details and problems before they become a problem to you. Call us on our private line at 570-7629 at RE/MAX BI-STATE or Contact us at tom&cyndee@quadcitiesrealestate.com - LOOKING TO SELL? Check out the services an Certified Residential Specialist can mean to you.

TAX DEDUCTIONS FOR MOVING EXPENSES

You can only deduct actual moving expenses. This can include gasoline and motels to search for a new home, temporary storage for your furniture, packing charges, insurance of your possessions, van lines, and other related expenses expenses. You must report the actual expenses to IRS and then deduct reimbursement by your employer. You can not include meals.

There are a few other requirements. If you travel 15 miles to work now, your new job must be at least 50 more miles away or 65 miles from your present home. You must also work full time in the new area for at least 39 weeks during the 12 months after the move. If you are self employed, you must work 78 weeks out of the next 24 months after the move.

There is an exception to the time period test. If you intended to stay for the 39 weeks, but your employer insisted that you move to another location sooner, then you must fill out separate forms for each move, but the expenses are still allowed minus the employer reimbursement. You may also deduct the move if your job was terminated due to disability, if you were fired, or laid off. Exception is fired due to misconduct. Finally your spouse may still take the deduction if you die within the time period before the time test is met. Retiree's working outside the United States may also take the moving expense deduction when relocating to their area of retirement within the United States.

Military do not have to make the distance or time test if there is a change in permanent duty station or within a year of retirement or termination of active duty.

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