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<\/a>Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you\u2019re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses.<\/p>\n
Here are seven things the IRS wants you to know about deducting these costs:<\/p>\n
1. Your expenses must be for a job search in your current occupation. You may not deduct expenses related to a search for a job in a new occupation. If your employer or another party reimburses you for an expense, you may not deduct it.<\/p>\n
2. You can deduct employment and job placement agency fees you pay while looking for a job.<\/p>\n
3. You can deduct the cost of preparing and mailing copies of your r\u00e9sum\u00e9 to prospective employers. <\/p>\n
4. If you travel to look for a new job, you may be able to deduct your travel expenses. However, you can only deduct them if the trip is primarily to look for a new job.<\/p>\n
5. You can\u2019t deduct job search expenses if there was a substantial break between the end of your last job and the time you began looking for a new one.<\/p>\n
6. You can\u2019t deduct job search expenses if you\u2019re looking for a job for the first time.<\/p>\n
7. You usually will claim job search expenses as a miscellaneous itemized deduction. You can deduct only the amount of your total miscellaneous deductions that exceed two percent of your adjusted gross income.<\/p>\n