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I moved to another state to try to become a loan officer in…

I moved to another...

I moved to another state to try to become a loan officer in 2017, it didn't work out that way I planned and I moved back to my home town and to another company for a job. Can I claim all the expenses I had to move down there and back, and rental expenses as a loss or as 2106 expenses?

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3/15/2018
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In brief, based on what you have written, it does appear that you meet the time test to deduct the moving expenses...in either direction. SEE BELOW:

-----------------------------

You can deduct your moving expenses if you meet all three of the following requirements:

  • Your move closely relates to the start of work
  • You meet the distance test
  • You meet the time test

Move Related to Start of Work - Your move must closely relate both in time and in place to the start of work at your new location. You can consider moving expenses incurred within one year from the date you first reported to work at the new location as closely related in time to the start of work. A move generally relates closely in place if the distance from your new home to the new job location isn't more than the distance from your former home to the new job location. For exceptions to these requirements, see Publication 521, Moving Expenses.

The distance test - Your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.

The time test - If you're an employee, you must work full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job location. If you're self-employed, you must work full time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival in the general area of your new work location.

REFERENCE SOURCE:

https://www.irs.gov/taxtopics/tc455

Your rent is a personal expense which is not deductible.

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Customer reply replied 1 month ago
just the moving expenses are able to be deducted? No living expenses.

Did you work full time for at least 39 weeks in 2017 on the new job? If not, you are not able to deduct the moving, nor the living expenses.

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Customer reply replied 1 month ago
I did work full time yes...
Customer reply replied 1 month ago
I worked a W-2 job, but as a loan officer, which is like being self employed. I had a small base but most of the income was commission

Ok, as long as you worked full time for at least 39 weeks and you meet the other requirements, you can deduct qualified moving expenses, moving expenses for that direction only, not the moving expenses moving back. The living expenses are personal expenses and are not deductible. For more information on moving expenses, you can refer to IRS Pub 521.

Link to IRS Pub 521:

https://www.irs.gov/pub/irs-pdf/p521.pdf

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Customer reply replied 1 month ago
Thank you very much

You are quite welcome.

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