Moving Information
Question:
I'm moving my sole proprietorship from California to
Maryland to pursue some opportunities in the film business.
If I pay the moving company at the end of this year, rather
than in early January when they will be moving my things, is
that expense deductible in 1999? Please address the issue of
moving expense deductibility for a sole proprietorship, and
the issue of pre-paying expenses.
Answer:
Deduct your allowable moving expenses either in the year you
had them or in the year you paid them. For instance, in 1999
you pay for moving your furniture. You deduct these expenses
in 1999. In January 2000, you pay for travel to the new city.
You can deduct these additional expenses in 2000.
Generally, the cost of moving your machinery from one city
to another is a deductible BUSINESS expense. So is the cost
of moving machinery from one plant to another, or from one
part of your plant to another. You can deduct the cost of
installing the machinery in the new location. However, you
must capitalize the costs of installing or moving newly
purchased machinery.
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