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January 6th, 2010Income Tax Preparation Software
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income tax expense
Can you claim a mortgage penalty as a moving expense on your income tax return?.
Assuming you moved because your job moved you, can you claim the penalty fee paid to the bank for ending your mortgage as a moving expense on your income tax return. If you can claim it, how much can you expect to get back?
Assuming that you qualify (Your new home must be at least 40 kilometers closer to the new place of work) then yes, mortgage penalty is an eligible moving expense.
How much you get back depends on what tax bracket you are in, but it would be at least 20% of the total moving expenses.
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