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HOUSEHUNTING
TAX DEDUCTION
Under what circumstances can a home buyer deduct the cost of finding a new residence?
Usually, the expenses related to finding a home are not deductible. However, if the move and the sale of the old home are related to a new job at a workplace at least 35 miles farther from the taxpayer’s home than his former place of employment, then the deduction of up to $3,000 is available for cost associated with acquiring the new residence and disposing of the old one.
Deductions for househunting trips, including temporary quarters, are limited to $1,500 of the $3,000 total.
Assuming the expenses are not reimbursed by the seller’s employer, deductible moving expenses include cost associated with travel to a new location, transportation for household furnishings and personal effects, pre-move housefinding tips, temporary lving expenses for up to 30 days at the new location, and various sale and purchase items, such as legal fees, real estate commissions, and title fees.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone 6753003. We’re here to help.
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