Thank you for choosing TurboTax. Following are the conditions listed for moving expenses deduction:
- Employees can claim moving expenses if they have moved to be employed with a new company or have taken a transfer with their current employer.
- Self-Employed persons can claim moving expenses if they have moved to run a business at a new location. you can deduct eligible moving expenses from the employment or self-employment income you earned at your new location.
- You can only deduct moving expenses against the net income earned at the new location. This means you may have to do a separate calculation to determine how much you can claim. For example:
- As an employee you are transferred to a new location with the same employer, if your entire income from the year is reported on one T4 slip, you’ll need to determine how much of that income was earned after you moved to the new location.
- If you own a business and relocate your business to be closer to a possible market or resources, you’ll need to determine the net self-employment income earned at the new location.
For further clarification please refer to our blog.