Articles & News About Money & Coin Collecting

Save Money When Moving with Tax Help from H&R Block: Important Tax Deductions Could Save Taxpayers Relocation Costs

KANSAS CITY, Mo. (BusinessWire EON) July 10, 2007 -- Qualified moving expenses can be subtracted from a taxpayer's income, even without itemizing deductions, if the relocation is connected with changing careers or accepting a new position with a current employer. The distance between home and work also plays a role in determining whether a taxpayer can claim the deduction.

"Moving costs can add up in a hurry, so it's worth it to know those expenses often can be written off," said H&R Block Tax Professional Maggie Doedtman. "If a taxpayer qualifies, deducting the cost of a move can save hundreds of dollars."

Regardless of where they work, taxpayers are in store for a change if moving also means becoming a first-time homeowner. Mortgage interest and real estate tax are some of the largest deductions available, and making the switch from renting to owning often also means changing from using the standard deduction to itemizing.

Some itemized deductions are subject to limitations, but the most popular benefits include:

-- Medical and dental expenses

-- State and local income, personal property and sales taxes

-- Gifts of cash and property to qualified organizations

-- Employment-related expenses

-- Investment expenses

-- Tax preparation fees

This year only, homeowners whose down payments are less than 20 percent of the purchase price also can deduct the cost of private mortgage insurance (PMI) for mortgages taken in 2007. The insurance protects the mortgage lender in the event of default, but it also qualifies as mortgage interest for taxpayers who itemize deductions.

"PMI payments can be $100 or more per month," Doedtman said, "so this new deduction can be a real help to taxpayers, but they have to know how to claim it."

For those who take a home equity loan but don't intend to use it for a home improvement, the interest is deductible up to $100,000 or the value of the home, whichever is less. An H&R Block tax professional can help taxpayers understand equity loans and other deductible expenses.

More information about deducting moving expenses and other tax benefits related to home ownership are available at www.hrblock.com. In addition, taxpayers can visit one of more than 4,000 H&R Block offices open year-round to speak with a tax professional.

About H&R Block

H&R Block Inc. (NYSE: HRB) is a leading provider of tax, financial, and accounting and business consulting services and products. H&R Block is the world's largest tax services provider, having prepared more than 400 million tax returns since 1955. The company and its subsidiaries reported revenues of $4.0 billion and net income from continuing operations of $374.3 million in fiscal year 2007. The company has continuing operations in three principal business segments: Tax Services (income tax return preparation and related services and products via in-office, online and software solutions); Business Services (accounting, tax and business consulting services primarily for midsized companies); and Consumer Financial Services (brokerage services, investment planning and related financial advice along with full-service consumer banking). Headquartered in Kansas City, Mo., H&R Block markets its continuing services and products under two leading brands - H&R Block and RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.

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