Moving my business, how much can I deduct?

[Konstantin Solomon]

Hi, you all.

I have to move my business approx. 100 miles to a better location for
business. However, I'll move with it. That means not just business
goes, my private junk will be moved too. But the mail reason for
moving is mainly that I can do better business at the place I want to
move to.

What can I deduct? Packers? Moving van? Gasoline?

Your advice is very much appreciated.

Konstantin

[Paul Thomas, CPA]

"Konstantin Solomon" <Konstant...@moscowmail.com> wrote

You can deduct the costs of moving your business to a new location. That
may mean that you have to prorate your expenses between business and
personal. There are no hard rules here, just keep in mind that it has to be
logical and reasonable if you ever have to explain it to a jury.

--
Paul A. Thomas, CPA
Athens, Georgia

[Konstantin Solomon]

On May 9, 11:35 am, "Paul Thomas, CPA" <paulthomascp...@bellsouth.net>
wrote:
> "KonstantinSolomon" <KonstantinSolo...@moscowmail.com> wrote

Thanks, Paul.

Does that mean I can't take the standard deduction of the approx. $
5000 but have to itemize if I want to deduct moving costs?

Konstantin

[Don Priebe]

<moving his business to new location and also moving his personal residence>

>> You can deduct the costs of moving your business to a new location. That
>> may mean that you have to prorate your expenses between business and
>> personal. There are no hard rules here, just keep in mind that it has to
>> be
>> logical and reasonable if you ever have to explain it to a jury.

> Does that mean I can't take the standard deduction of the approx. $

> 5000 but have to itemize if I want to deduct moving costs?

Your allowable personal moving expenses go on form 3903 which flows to line
26 of the 1040. Your allowable business moving expenses go on your Schedule
C (assuming it's a sole proprietorship). You can also still take the
standard deduction if you wish to.
--
Don EA in Upstate NY