Relocation Payback tax implications

[txtom]

Texas:

I was relocated by my company from FL to TX and I left within the 2 year payback period so I now have paid back a prorated portion of the total amount (~20%)

My question is: does this payback come with any income tax relief for me? Since they paid for moving costs, closing costs, and loan points on my new house, commissions, etc (and grossed them up) I didnt claim anything last year.

Since I'm paying a portion of that back, can I claim that I had moving expenses, paid points on a 2004 amended return? Or is it something I can claim this year as some deduction?

thanks!

 

[pattytx]

The fact that the employer reimbursed you (or paid the supplier directly) for moving expenses had nothing to do with whether or not you claimed qualified moving expenses on your 1040.

You may, however, be able to claim the repayment as a loss on your 1040. You should see an individual income tax advisor about this though.