Moving May Also Be A Tax Break

If you relocate for employment purposes, you may be able to deduct some of your moving expenses.

The new job, however, must be at least 50 miles farther from your old home than the distance between your old job and your old home. (The location of your new home is not considered.) In addition, you must report to work at the new location within one year of incurring the moving expenses.

Save those receipts! If you meet these tests, you can deduct the cost of moving household goods and the direct cost of moving you and your family.

Eat light, though, meals are not deductible. For detailed information, see IRS Publication 521, "Moving Expenses," available in print or online at http://www.irs.gov

Foreclosures Spiked In August

With real estate markets slowing and mortgage rates well above levels of recent years, times are getting tougher for homeowners. According to one survey, the number of homes entering into some stage of foreclosure is surging.   

In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier.   It was the second highest monthly foreclosure total of the year; in February, 117,151 properties entered foreclosure.  

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