moving expense

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  • noun

Words related to moving expense

the cost of moving your residence from one location to another

References in periodicals archive ?
Your deductible moving expenses are generally those incurred within 12 months from the date you first report to work at your new job.
For more information about Jeff Brand & Associates and for further details about their “On the House” moving expense offer, visit their website, www.
Because of the major benefits of a moving expense reimbursement to employees, employers should consider it whenever it is consistent with their recruitment and staffing needs.
Deductible moving expenses fall into two categories, both of which are direct moving costs:
If the taxpayer is unable to itemize because the total expenses do not exceed the standard deduction for the year, the moving expense deduction is lost.
It is my understanding that the Department of National Revenue, based on the current provisions of paragraph 62(3)(f), has taken the position that the reimbursement of GST payable on the cost of relocating an employee's new home would be a taxable benefit to the employee and not a deductible moving expense.
Therefore, these expenses within the $1,500 limit are given priority in meeting the $3,000 indirect moving expense cap for pre-1994 moves.
5 cents a mile; for medical or moving expenses, 15 cents a mile; and when providing services to a charity, 14 cents a mile.
As a result of OBRA, effective in 1994, moving expense deductions are allowed only for the reasonable costs of moving household goods and personal effects from the former residence to the new residence, and for traveling (including lodging during the period of travel but excluding meals) from the former residence to the new place of residence.
Under section 82, moving expense reimbursements are includable in the employee's gross income.
A limitation on moving expense deductions will impair the ability of American businesses to globalize their operations and remain competitive.
Starting with tax year 1998, the Internal Revenue Service has eliminated Form 4782, Employee Moving Expense Information, which had been used to exclude employer reimbursements from an employee's gross income.
Thus, the employee would have income under section 82 for the amount of the $8,000 transaction costs, followed by a limited moving expense deduction under section 217.
A Moving Expense Incentive that reimburses employees for moving expenses to a new residence if recommended as part of the rehabilitation program approved by MetLife.
10 per mile for medical care travel or for a move that qualifies for the moving expense deduction.