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Level 1
posted Jan 26, 2022 12:49:14 PM

Move

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. 

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1 Replies
Expert Alumni
Jan 26, 2022 12:54:23 PM

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There used to be a provision for moving expenses related to a change in job, but that was repealed by TCJA in 2017.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.