Financial factors to consider when moving
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.”
Latest UC News
- UC study: Brain organ plays key role in adult neurogenesisThe University of Cincinnati has published research in the Proceedings of the National Academy of Sciences that found the choroid plexus and cerebrospinal fluid play a key role in maintaining a pool of newly born neurons to repair the adult brain after injury.
- UC’s microchip training includes innovative VRTo build a virtual microchip factory, University of Cincinnati doctoral students turned to the real one where they work. UC launched a new training program for microchip manufacturing in advance of the new fabrication plant Intel Corp. is opening in Ohio.
- University-wide Qualtrics license coming soonThe new university-wide Qualtrics license will provide current UC students, faculty, and staff members access to Qualtrics software, support, and technical assistance under a centralized license.
- The entrepreneur’s guide to the power of networkingAs an entrepreneur, connections with other business leaders can be just as valuable as the ideas and products that are brought to market. You can open doors to exciting opportunities, gain valuable insights and establish a robust support system through meaningful connections. Here’s why networking is essential and how you can leverage it to your advantage.
- WalletHub: 5 best chip and pin credit cardsUniversity of Cincinnati director discusses 5 best chip and pin credit cards with WalletHub
- WVXU: Supreme Court temporarily blocks key air pollution regulationsUniversity of Cincinnati law professor spoke with WVXU about recent Supreme Court decision to temporarily block key air pollution regulations.