A relocation expense checklist will not only help you when it comes time to computing your taxes, but it will also help you prepare for unseen expenses when your next relocation occurs. Athlete relocation hidden costs must be known for maximum future benefits.
Whether your next relocation is across town or across the country, there are certain expenses which cannot be avoided, and goodness gracious, they can be expensive. Even the simplest of relocations, from one side of a city to the other side, can cost thousands of dollars. Be prepared for that eventuality by being knowledgeable, and use those expenses to save you money at tax time. Here, then, is just a partial relocation expense checklist.
First, though, you must pass two tests in order to claim a moving-expense deduction: the distance between your new job and your old home must be at least fifty miles farther than previously, and you must work full-time for at least 39 weeks at your new job after the relocation. Pass those two tests and then consider these expenses and deductions.
- Costs for packing and transporting your household goods, pets, and vehicles.
- Fees to disconnect and re-connect utilities.
- Travel costs for you and your family.
- The use of your car during moving
- Storing and insuring your possessions for up to thirty days
- Expenses for buying and selling your home because of relocation
- Loss on the sale of an old home
- Fees for new car tags or a new driver’s license in the new state
- Security deposits
- Storage charges
- Cost of hiring relocation assistance
These are all major expenses and they add up to a considerable amount no matter where you relocate, so make sure you keep track of it all, keep those receipts, and make your relocation a positive experience in the long run. It’s all about your relocation peace of mind.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.