Tax Season Tips for Transferees:
Often Overlooked Deductions
If you were one of thousands of employees in 2005 who were relocated in a company-generated move, do you know what you can deduct this tax season? Peter K. Scott, tax counsel to the Worldwide ERC® Coalition – Center for Governmental Issues, notes that “Being relocated by one's company usually means that some costs incurred on the move are absorbed by the employer. Even so, transferees often have deductions they can take for costs that were incurred and are not paid or reimbursed by their employer. There are a number of moving expense deductions and other items that are sometimes overlooked in filing taxes."
Just a few of Scott's deductible tax tips include gratuities for the moving van driver and helpers; lodging expenses in the departure location for one night after the household goods are packed (and one night in the new location on the day of arrival); and moving household goods from a location other than one's main home, up to what it would have cost to move them from the main home. To see the complete list of Filing Season Tax Tips for Transferees, visit the Coalition web site.
Worldwide ERC® provides leadership, advocacy, education and networking to global workforce mobility professionals and stakeholders through specialized training, credentialing, meeting events and information exchange. Formed in 1964 and with offices in Washington, DC, and Brussels, Belgium, it is the membership association of choice for more than 12,000 corporate and government relocation managers, real estate companies, appraisers, and a range of service firms and individuals from industries that address relocation-related workforce issues. Worldwide ERC®'s programs and publications help workforce mobility professionals continually increase their expertise in workforce issues, and allow corporations relocating employees (and the companies that provide services to them) to communicate more effectively and to conduct transfers more efficiently. To learn about Worldwide ERC®'s membership opportunities, products and services call +(1) 202 857 0857 or visit www.erc.org
Reprinted with permission. Copyright © 2006, The Employee Relocation Council/Worldwide ERC®. All rights reserved