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March 17, 2024
Question

I had to cancel my rental insurance in 2023 to move and repay for the new one for NM? Does this count as a less common expense? I had to move for work?

  • March 17, 2024
  • 1 reply
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I had to pay for the old renters insurance and then get a complete new one. I had to manage a "investment" in having the insurance. Will this count a deductible?

1 reply

Employee
March 17, 2024

Moving expenses are not deductible on a federal tax return except for certain active duty members of the military.    Changing your renters insurance was a personal expense that is not deductible.

 

 

Per the tax laws that changed for 2018 and beyond, moving expenses are not deductible on a federal return except for certain active duty members of the military.

 

There are several states that allow a deduction for moving expenses on the state return:  AZ, AR, CA, HI, IA, MA, MN, NJ, NY, PA and VA  You can enter your moving expenses in the federal software and the information will flow to your state return.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**