Expensing Moving Costs

[Laura Yazdi]

Can I expense my moving costs if I am moving across the country to pursue RE investing full-time in another state? Can I write off BOTH the moving truck that I will hire AND my entire cross-country road trip (hotels, meals, supplies, etc.) to get my car there?

[Michael Plaks]

Quote from @Laura Yazdi:

Can I expense my moving costs if I am moving across the country to pursue RE investing full-time in another state? Can I write off BOTH the moving truck that I will hire AND my entire cross-country road trip (hotels, meals, supplies, etc.) to get my car there?

Here is why there are no responses to your question: it's tricky.

Prior to the 2018 tax reform, there was a deduction for personal moving expenses. Such as when you move for a new job or a new business. This deduction currently identifies as dead.

Now, if you had an operating business, say a factory, in one state and decided to relocate it to another state, moving costs would be deductible.

Your situation is in the gray area. Is there some room for creative interpretation? Possibly. However it would not be something clear-cut, so it comes with risks, restrictions, and it certainly requires a much deeper conversation than we can entertain on this forum.