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Level 1

Question

Move

Forum|Forum|4 years ago
January 26, 2022
1 reply
1 view

We moved in early December 2021 and purchased a new home, what can we deduct for the closing of the loan and also what if any moving expenses can we claim; for example, moving company, moving supplies, gas, mileage etc.

Level 15

None of the settlement charges are deductible. They are added to the basis of the home and come into play at the time of the sale.

There used to be a provision for moving expenses related to a change in job, but that was repealed by TCJA in 2017. Moving expenses, unless you are in the military, are not longer deductible.