tax_researchpaper[1] - Nova Southeastern University H....

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Nova Southeastern University H. Wayne Huizenga School Assignment for Course: TXX 5769 Submitted to: Prof. Robert H. Allen Submitted by: Ericka L. Tapia N00655632 2123 Barrington Manor Drive Apt # 207 Raleigh, NC 27612 919-327-0795 919-326-1727 Date of Submission: Title of Assignment: Tax research paper CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Student's Signature: _______Ericka L Tapia_______________________ ***************************************************************** Instructor's Grade on Assignment: Instructor's Comments: Relocating and its Tax Implications: 1
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Everyone is looking for the American dream, so we all keep our eyes open for the next big break; the dream job that is going to help us achieve all of our wants and needs. Some of us send resumes locally and some of out state. We might drive to the interview around the corner or fly over, as many times it is necessary to secure that perfect opportunity. Some people find it in their neck of the woods, while others need to start looking for boxes and saying good bye to friends and family because they are moving to chase the American dream 300 miles away. There are hundreds of things to worry about when moving such as renting a truck, buying boxes and packaging materials, selling a home, finding a new home, a new school for the children, but taxes are not something that come to mind until it is time to file a new income tax return. There are going to be a lot of expenses in relation to this move, but are they tax deductible? If one gets a relocation package from the new employer, is that considered taxable income? What about the expenses incurred when selling your home? What if there is a loss in the sale of a home? There are so many questions that come to mind that can confuse anyone. Before the all the packing, and the loading of the furniture into the truck; there probably was a job search, and there might some expenses associated with it. Such expenses are deductible as long as the new job is in the same field of expertise. For example, an accountant decided to change careers and became a lawyer and once he finished college started looking for work, then his expenses are not deductible because 2
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his search was not in the same field of expertise. On the other hand, once he has been practicing law; he started looking for new employment as an attorney but in a different firm, then his expenses are deductible. There are some people that get creative when reporting expenses, but according to
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This note was uploaded on 03/13/2011 for the course ACCOUNTING 5769 taught by Professor Paris during the Spring '07 term at Nova Southeastern University.

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tax_researchpaper[1] - Nova Southeastern University H....

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