Alexis (a CPA and JD) sold her public accounting practice in Des Moines and accepted a job with the Seattle office of a national accounting firm.Her moving expenses are not deductible because she has changed employment status (i.e., went from self-employed to employee).

Question

Quizplus · Accepted Answer

Moving expenses related to a job change may be deductible if the new job is at least 50 miles farther from the old home than the old job location was from the old home, and if the expenses are incurred within one year of starting the new job. However, if the taxpayer is changing employment status, such as going from self-employed to employee, then the moving expenses are not deductible.

Alexis (A CPA and JD) Sold Her Public Accounting Practice