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Moving for a New Job? Save Money and Ease Your Transition


by: Don Butterfield
01 Dec 2010

You may have thought you'd found the home you were going to retire in, but then you lost your job. In a rough job market, many people may find that the only job opportunities are hundreds of miles away. While moving into a new job can be an exciting adventure, when it requires moving into a new house, it can add a considerable amount of stress to the transition.

Get Moving Help from Your Employer

First, the good news. If you're moving for a new job, you might be able to put together some significant savings. Many employers are willing to help top employees with the costs of moving. According to a 2007 survey, one in three employers reported helping new employees with moving costs. Here are some tips for negotiating:

  • Do your homework: Research moving costs before talking to your new employer about what they might contribute. You want to know how much to ask for but also show your new boss you're not trying to get more than you need.
  • Timing is everything: Wait until you've been offered the job and you know the company wants you. Don't give them a reason to pass you by for the guy who lives down the street.
  • Be willing to negotiate: In a tough job market, remember that companies are hurting too. Even if you can't get all your expenses paid, something is better than nothing.

Recent reports indicate that employers may be less willing to finance the cost of moves than they were even a few years ago. With so much competition for jobs, perks are harder to come by. But even if you can't get help from your employer, expenses incurred while moving for work are tax deductible. To qualify, you must be moving at least 50 miles away from you old job and you must typically work full-time for a minimum of 39 weeks in the first year after you move.

An Out-of-State Move: Consider Your Family

If you're planning to move your family for your new job, consider making the move in stages. It may be easiest for your children to remain in their current school until the year's end or semester break. If you have to sell a house in your old town, you might consider renting for a while in your new location while your spouse stays behind to sell your home. Later, moving companies can help your partner pack up the remaining belongings and come join you.

Sources:
Topic 455 - Moving Expenses • http://www.irs.govhttp://www.irs.gov/taxtopics/tc455.html • IRSPaul Keegan • Will Move for Work • Feb 03, 2010 • http://www.money.cnn.comhttp://money.cnn.com/2010/02/03/pf/job_relocation.moneymag/index.htm • CNNMoney.comAnne Fisher • Get Paid to Move • Aug 30, 2007 • http://www.money.cnn.comhttp://money.cnn.com/2007/08/29/news/economy/relocate.fortune/index.htm • CNNMoney.com