Attention all CPA's...relocation expenses and taxes

[airjon23]

Good morning, all...

I've been doing my taxes for several years, but I've ran into a snag this year due to a expenses from a corporate relocation. If any of you are CPA's with experience relative to moving expenses and tax implications, I'd greatly appreciate the opportunity to explain my situation and ask a few questions. I'm basically trying to determine what taxable expenses are deductible...I don't understand the Summary Tax Report that I received from the relo company, and the relo company is not able/allowed to provide any tax guidance!

Please send me a PM if you are willing to help!

Thank you so much, in advance!

Jon

 

[airjon23]

No CPA's on SVT? Lol

 

[ssssnake]

We do have a couple of CPAs on here, but in the meantime, check out Form 3903 and the instructions.

http://www.irs.gov/pub/irs-pdf/f3903.pdf

 

[65fastback2+2]

IIRC your move has to be at least 80 miles too

 

[airjon23]

I appreciate the response, fellas! My relo satisfies all the IRS criteria for eligible moves. I've studied Form 3903 and read the instructions numerous times, but I'm still at a loss. Part of the issue is that I sold/bought homes in December 2011 to complete my relo; however, $17k+ in relo-related expenses have been added to my 2012 income. I'm having a hard time determining how much of the $17k may be eligible for deductions. The moving/packing expenses that correspond to Form 3903 were not included as taxable income. The $17k in taxable expenses is itemized on a Summary Tax Form, from the relo company, as points on new mortgage and closing costs on old home sale and new home purchase. Confusing! To make matters worse, I had already e-filed this year, prior to receiving the STR, because I was not expecting to have to worry about the relo since I had already taken care of some of the expenses on last year's taxes. I know I will need to file an amendment, but, as explained above, I'm not sure where to go from here!

 

[CompOrange04GT]

I moved 3000 miles across country and drove it so this should be fun

 

[ff500]

I'm in the same situation. My wife was given a relocation package from her company, we relocated from Ma to Va. I give everything to my accountant and he figures it all out for us.