New Tax Law Makes “Moving Expenses” Not Deductible
The new GOP Tax Bill eliminates “moving expenses” as a personal deduction for everyone except for members of the military. Current law permits “employer provided expense reimbursement” to be excluded from income tax as well. This exclusion now too has been eliminated for all except members of the military.
Obviously these are not strong selling points for our industry, but you might counter this with the standard deduction being raised from $6,500 to $12,000 for individuals and from $13,000 to $24,000 for couples. Obviously the law is complex and offers many “benefits” and “takeaways.”
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