Summer is one of the most popular times to move—whether it’s relocating for a new job, upgrading your home, or changing cities for a fresh start. But while you’re thinking about packing boxes and updating utilities, don’t forget one important detail: your taxes.
Here’s how a move can impact your tax situation:
1. Update Your Address with the IRS and State Agencies If you move, the IRS won’t automatically know unless you tell them. File IRS Form 8822 to keep them in the loop. Also, update your address with any state revenue departments and financial institutions.
2. Moving Expenses Are No Longer Deductible (For Most People) Unfortunately, since 2018, most taxpayers can’t deduct moving expenses unless you’re an active-duty military member moving due to orders. Still, it’s good to keep records in case laws change or you qualify under special circumstances.
3. Watch for State-Specific Tax Rules If you’re moving to or from a different state, your tax filing may get more complex. Some states require part-year returns or have different deadlines, deductions, or income tax rates. We’ll help you avoid surprises.
4. Plan for Property Taxes and Home Sale Implications If you’re buying or selling a home, you’ll want to understand the tax implications, like how capital gains exclusions work or how your escrow and property taxes are affected.
5. Keep an Eye on Mail from the IRS Still expecting a tax refund? Awaiting documents? Make sure you forward your mail through USPS and update your address with employers and investment platforms.
📦 Moving should be exciting—not a tax headache. Call us at 770-609-6890 or schedule your consultation here: https://ilovedoingtaxes.net/book-online
