The new company is giving roughly 20k in moving misc expenses via reimbursement and they will also move the entire household items for free. How do you guys creatively use up all those dollar amounts when relocating?
Interesting. Most companies pay for the relocation and make it taxable income, and in addition allow provide an allowance (which is typically just taxable dollar amounts you are given)
You can deduct the money you spend on relocating when you file taxes
Not anymore - Trump
Ask your landlord to give you an invoice for the full 20k and have your company REIMBURSE you for that as the relocation.
Security Deposit, which is sometimes 2x one month rent.
Federal Tax State Tax
Check the fine print. In some cases, any moving budget you don’t use for actual moving is still yours to keep. So don’t blow it on random stuff just to spend it down.
20k isn’t a lot - especially if you are moving to the bay, and even more so if you are taxed on it. Flights, temporary accom, shipping, new furniture, first months rent, bond (sometimes up to 8 weeks).
I got my relo check *after* I was already moved in and settled. Bought some computer parts and a new personal MacBook to replace my aging Dell Latitude
Winning!
Get some high quality electronics and appliances - most of your stuff from where you moved will have different voltage/plugs so also legit. Harman, Bose... 20k is pretty Easy to spend - knowing from experience...
What? You’re... not making any sense.
Electronics and appliances counts towards your relocation, but maybe only do so if there is a different voltage - US has 110V and Europe has 220V for example so for us our relocation terms allowed us to buy electronics and appliances. Second, you mentioned you struggle spending all that money in your relocation package. My point was that it is not hard to spend the money at all if you invest in high quality brands such as Harman and Bose when you are shopping for electronics.
A new, good mattress and bed frame can add up a lot too.
Rent?