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:: Be upfront when hiring a Moving Company :: |
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The thought of moving to a new town or city, for a new job, is enough to send anyone over the edge. Add to this; selling your home and how much moving companies will charge just compounds the issue and the stress involved. Cost of moving and the profit from a home sale are always an issue when moving a distance but if thought out, can be less of a financial burden if records are kept for tax deductions. Some items to consider if moving a distance include:
Preparing the home
Moving - home preparation is in itself a vast topic. As you go about preparing the home for sale begin to collect receipts out of habit. Quite a bit of your moving expenses will be covered by the IRS come tax season. Not everything is covered but it is better to begin your moving process with good habits that will payoff somewhere down the line.
Finding a moving company
Depending upon how much time you have to pull the entire process together start looking for moving companies right away. Check references first thing and be sure to make sure to ask if the company is a broker or straight mover. If they are a broker make sure to check them and the moving company they plan to use. If you're in a huge hurry to find movers remember this one thing, NEVER USE MOVING COMPANIES THAT WILL TAKE CASH ONLY. This is the one thing to remember while you find a moving company.
Your move
Here is where saving all the moving receipts comes in handy. The IRS indicates that they will accept deductions for a moving related (with exceptions) trip of more than 50 miles from the original place of employment. Once the moving is complete you must reside in the area for 39 weeks out of, following the move, 52 weeks. If you can meet this biggest rule you may be able to deduct, hotel, gas, tolls moving costs and a host of other moving expenses. There are several items that you may not deduct however.
The real estate agent
These folks can help allot with your move on both ends. Most important, however, may be their introduction to home and mortgage financing. You're making a lot of decisions in a short period so having somebody that, maybe your new employer suggests, can be your go to person is extremely helpful during the moving process.
Moving companies have consultants to help you along the way if your move needs to happen quickly. The real estate agent at your old home is certainly there as well, so take advantage where you can. When moving, tax deductions can often be the last thing on your mind so if you're thinking along the every penny saved idea just save anything that looks like a receipt and stuff it into the glove box or a place where it will not get lost in the move.
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