Financial factors to consider when moving
UC professor offers guidance to USA Today on potential hidden costs of moving
Moving can be a stressful and expensive endeavor.
Gary Painter
When it comes time to move, there are important financial implications to consider, Gary Painter, PhD, the academic director of the University of Cincinnati’s Carl H. Lindner College of Business real estate program and a professor of real estate, told USA Today.
For one, it’s important to consider the costs of moving when budgeting to purchase a new house.
“If you buy a new home, you have closing costs on the mortgage. It is critical to account for the total costs of moving across the country,” Painter said. “Moving costs can be substantial depending on the distance of the move, the quantity of goods moved and the time of year — as more people move in the summer.”
If an employer pays for moving costs, that’s considered income and is taxable.
“Even if your new company pays for the moving costs, you will have to count the reimbursement as part of your gross income and will be required to pay taxes on it,” Painter said. “If they don’t compensate you for moving costs, it is important to keep in mind that these costs are not deductible.”
Featured image at top: A man moves boxes into a new home. Photo/HiveBoxx via Unsplash
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