How To Claim Moving Expenses

In these days of soaring home prices and growing transaction expenses, such as land transfer taxes and moving costs, it would be an understatement to say that every new owner could use some sort of a financial break. Happily, for those of you who moved last year to be closer to work or school, there may be such a break available. And with tax filing time approaching, it makes sense to take advantage of the moving expense deduction. Here's how.

Do you qualify?

Generally, a deduction for moving expenses is potentially available in most situations where you move to a new work location (even if you stay with the same employer) or if you move to attend a post-secondary institution on a full-time basis.