Can I Deduct My Moving Truck Expenses?


Can I Deduct My Moving Truck Expenses?

If you’re planning a move to, within, or out of Illinois, you’re going to accrue a lot of expenses along the way. To be sure, you may have travel-related costs, such as the cost of staying in a hotel and dining out throughout the course of the trip, packing and furniture-related costs, and moving truck costs. Depending on the extent of your move, these costs could total thousands of dollars. As such, you may be wondering: Can I deduct my moving truck expenses?

Who Can Deduct Moving Expenses?

Unfortunately, due to changes in the tax code, as of the tax year 2018 (and through the tax year 2025), only members of the Armed Forces who are on active duty and who move because of a permanent change of station are allowed to deduct unreimbursed moving expenses. Additionally, any spouse or dependent of a member of the Armed Forces can deduct moving expenses in certain cases.

What Types of Moving Expenses Can Be Deducted

According to the website of the Internal Revenue Service (IRS), there are two types of moving expenses that can be deducted:

  • Moving your household goods and personal items; and
  • Traveling – while you can deduct lodging costs, you cannot deduct the cost of meals.

You can deduct expenses related to the costs of travel, including vehicle costs. If you drive your own car, you cannot deduct any costs of depreciation; however, you can deduct actual costs incurred, such as the cost of gas or oil for your car. If you rent a moving truck, you can deduct the cost of a moving truck. You can also deduct other moving expenses, such as the costs of packing supplies.

Not Eligible for Deduction? Get the Best Deal Possible

Whether or not you’re eligible to deduct your moving expenses based on your status as a member of the military, getting the best deal possible on your moving costs is a priority. At Elite Truck Rental, we have built our business on offering affordable rental trucks for our clients in Illinois and surrounding areas. Our low-cost trucks are available for rent today and, even if your costs aren’t deductible, we promise that you’ll be getting one of the best deals in town.

Reserve Your Truck Rental Today

If you have questions about truck rental costs or how to make a reservation, our team is here to help. Reach out to Elite Truck Rental online or by phone to get started. We offer a reservation guarantee.

January 07, 2020

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Tuesday, January 7th, 2020, 6:04:49 am

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