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Relocation: Tax Advantages For Your Move
No matter how much trouble and stress moving is, still it has some tax advantages. Unlike everyone else, you will not be dreading tax season. Still, be aware of the fact that when taking deductions you are subject to a few rules.
If you are moving in order to relocate to another position in your company or to accept a new job in another city or state, you'll be able to deduct many of the expenses on your itemized tax form. However, distance is critical as to whether or not you can deduct your moving expenses for tax purposes. Your new home and job must be at least fifty miles away from your old home and job.
A certain amount may be deducted if you travel to your new residence in your own automobile. Travel expenditures such as tolls, fuel, repairs, etc. are also tax deductible, so keep all the receipts. In the course of your travels you may get credit for lodging and meals. If you ship your vehicle and choose to fly, you can also deduct the cost of transporting your vehicle plus the cost of airfare.
Should you decide to hire a moving company, Uncle Sam allows you to deduct the expenses you incur in loading, unloading, pack and unpacking, and the cost of lodging and meals while you're waiting for your goods to arrive. Unfortunately, you cannot deduct any lodging and meal expenses after you have unloaded your household goods in your new home.
If your goods are put into storage for a certain amount of time, some moving companies will give you a discount for this, while they wait for another load going to the same area. You can also deduct the cost of this if it's something you have to pay for.
Many employers reimburse some or all of their employees' relocations expenses. As this may be credited to you as income, check with your tax preparer before you claim it on your taxes. However, if your expenses exceed the amount your employer allows, you may deduct those costs. At this stage, it is imperative to hold on to all of your receipts and journalize your expenditures.
Remember, all the expenditure that exceed your employer's allowance (meals, lodging, tolls, fuel, airline fares, moving charges, extra charges from long distance moving, etc.) can all be tax deductible. But if you don't have documentation in the form of receipts, you're out of luck!
For you to be able to deduct your moving expenses for tax purposes, the IRS requires that you stay with your current employer for at least 39 weeks after you have moved. What is more, all of your moving expenses must be incurred within twelve months beginning on your first day of work at your new job.
Tearing down and reassembling products such as hot tubs, ground pools, and jacuzzis is also tax deductible. It is also possible to deduct the cost of tipping the driver!
To sum up, while you're doing your homework and reading moving company reviews, getting moving cost estimates from different moving companies and organizing your packing, be sure to research the tax implication of moving.
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