The jobs market has heated up—the unemployment rate is down to 4.5 percent as of April 9, 2017—and many workers are voluntarily changing jobs to obtain better positions. Still, many companies, including a number of big retailers, are laying off workers, forcing these workers to seek new employment opportunities. The Bureau of Labor Statistics has found that workers have more than 11 jobs during their careers (https://www.bls.gov/nls/nlsfaqs.htm#anch41). What does changing jobs mean from a tax perspective?
Moving Expenses
The cost of relocating for work opportunities may be tax deductible (Code §217). The move must be work-related and two tests are met:
