Relocating to Las Vegas, much like anywhere else, will involve expenses, but there are possible deductions you can apply to your taxes. Understanding what some of those recoverable expenses may entail generally ease the tension of the up-front expenses you are sure to encounter.
Keep in mind that a move must be at least 50 miles from a current home and involve changing job locations to quality for deductible expenses. It is always best to consult with a tax expert to understand how you quality and to ensure that you quality for deductions for your move.
Deductible Moving Expenses
There is a reasonable expense associated with moving your household goods and personal effects that may be deductible. This may include lodging costs, but not meals, which traveling to your new Las Vegas home.
Extended Stay Lodging
These types of hotels offer guest laundry facilities, full kitchens and most have kitchen wares including utensils. While other amenities may vary including multiple rooms and bathrooms, and some even include breakfast or grocery shopping services. If you will need lodging before your permanent Las Vegas home is ready for move-in you may be able to deduct your extended stay lodging as part of your moving expenses.
Most frequently furnished and well equipped with telephone and utility services, corporate housing may be available for extended stays typically with a 30 day minimum. Often they offer garage parking or other parking options, and many offer lavish accommodations such as recreational facilities and fitness centers.
Working with Your Real Estate Agent
If you aren’t sure if Las Vegas is going to be a long-term home for you and your family, you may prefer to rent instead of buying a home immediately. Weighing these options with an expert relocation agent like John Stoll at Desert Dreams will ensure that you understand everything available to you and make the right decision.
Determining Possible Deductions
The IRS says that if you move to a new home because of a new principal workplace, you may be able to deduct your moving expenses regardless of employer. There are requirements for eligibility including distance and time. To learn exactly what the criteria are, and whether you qualify or not, you can acll the Internal Revenue Service at 800.829.1040 or visit www.IRS.gov to request your free booklet explaining exactly what can and cannot be deducted.