2006-06-12 11:01:55 · 4 answers · asked by Norm J 2 in Business & Finance ➔ Taxes ➔ United States
Yes, any money your receive, no matter the source or what it is called is taxable and must be reported to IRS.
However it may also be allowed to be deductable expense, you must confer with a tax expert on this matter, remember the company is required to notify IRS of this payment to you so Do Not Try To Hide It from IRS. Good Luck
2006-06-12 11:08:25 · answer #1 · answered by Pobept 6 · 0⤊ 0⤋
Yes, except for the cost of the movers if you move for more than so many miles for the job. It is a deductible expense. IRS also allows some very small items for deductions like mileage, but not much. Other things are taxable. The company usually includes the amount on W-2s.
2006-06-12 11:15:51 · answer #2 · answered by spot 5 · 0⤊ 0⤋
No. If your employer happens to include this amount in your W2 you can deduct your expenses if you moved more than 50 miles away and began employment within a year. This is an adjustment to your income on the front page of the 1040 before you figure your tax.
2006-06-17 12:14:11 · answer #3 · answered by lade40free 2 · 0⤊ 0⤋
you can use the move expense as tax deductible..
so I do not think they are taxable.
but you may want to check your state guidelines
2006-06-12 11:04:56 · answer #4 · answered by Oracle 3 · 0⤊ 0⤋