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Our landlord paid us to break the lease. Can moving expenses be deducted if less than 50 miles since it wasnt our choice & is the full amount they paid considered income?
The landlord decided to turn the apartment into a condo and asked us to move. They paid a rent buy out. Since it wasn't our choice to leave at all, are moving expenses deductible and is the full buyout considered income? I then purchased a house and put things in storage for a few months until we closed on the house.
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Our landlord paid us to break the lease. Can moving expenses be deducted if less than 50 miles since it wasnt our choice & is the full amount they paid considered income?
No. Moving expenses are not deductible on your federal return except for certain active duty members of the military.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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