2023_Mobility Tax Guide

Table Of Contents 2022 Tax Highlights .........................................

2022 Federal Tax Tables ..................................

Standard or Itemized? .....................................

Relocation Tax Deductions ...........................

Seven States Allowing the Deduction...........................

Does Your Move Qualify? ............................................

Qualifying Expenses ....................................................

Common deductions fall into one of two categories .....................................................................................

Examples of “Shipment of Household Goods” ............

Examples of “Final Move Costs” .................................

Example of an Employee Moving Expense Report......

Temporary Assignments .................................

Understanding Gross-Up ................................

Federal Tax Deductions & Credits .................

State Income Taxes .........................................

2022 Tax Rates ............................................................

States without income tax ............................................

Determining tax liability ................................................

Reciprocal Agreements ...............................................

Selling vs. Renting Your Home .....................

Alternative Minimum Tax ...............................

Canadian Relocation Tax Laws......................

Global Moves....................................................

Looking Ahead: 2023 Tax Laws .....................

Additional Resources.......................................

Contact Information..........................................

2023 Mobility Tax Guide | Orion Mobility

2022 Tax Highlights Following is an overview of what’s new for the 2022 tax year. Additional details on each topic are provided in the guide.

Federal Tax Rates The Federal marginal tax tables remain the same. The 2022 Federal marginal tax tables have the same tax rates as the previous year, but the tax brackets have been adjusted for inflation. Rates vary from 10% to 37% based on income level.

Charitable Deduction for Non-Itemized Returns Is No Longer Available In 2020 and 2021, taxpayers who took standard deductions on their tax returns, rather than itemizing, were able to take tax deductions for cash contributions up to either $300 or $600. For 2022, this is no longer the case. Like all other charitable contributions, cash contributions can now only be taken as tax deductions on Schedule A. For more information, please see page 14 of this book.

Child Tax Credit Enhancement Has Expired In 2021, the child tax credit value was temporarily increased from $2,000 to $3,000 and to $3,600 if the child was under the age of six as of December 31, 2021. This has not been extended to 2022. The child tax credit will revert to the previous value of $2,000, while the non-child dependent credit of $500 continues to be available.

On page 15 of this book, there is a more detailed explanation of this credit and who is eligible to take the credit.

Mileage Rates Increased Mid-Year in 2022 Mileage rates rarely change mid-year, but in June of 2022, due to higher gas prices, the IRS announced an increase in the 2022 mileage rates effective July 1. For the final six months of 2022, the business mileage rate increased to 62.5 cents per mile, up four cents from the rate used for the year's first six months. The new rate for deductible final move mileage (available for active-duty military members plus used by certain states) and medical travel was increased to 22 cents per mile for the second half of 2022, up four cents from the rate used for the first half of the year. The proper rate is determined by the date the mileage was incurred. For more information, please see IRS Announcement 2022-13.

The following chart gives the breakdown for 2022:

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2023 Mobility Tax Guide | Orion Mobility 03

2022 Federal Tax Tables

Single

Head of Household

$0

-

$10,275

10%

+

$0.00

$0

-

$14,650

10%

+

$0.00

$10,275

-

$41,775

12%

+

$1,027.50

$14,650

-

$55,900

12%

+

$1,465.00

$41,775

-

$89,075

22%

+

$4,807.50

$55,900

-

$89,050

22%

+

$6,415.00

$89,075

-

$170,050 24%

+

$15,213.50

$89,050

-

$170,050 24%

+

$13,708.00

$170,050 -

$215,950 32%

+

$34,647.50

$170,050 -

$215,950 32%

+

$33,148.00

$215,950 -

$539,900 35%

+

$49,335.50

$215,950 -

$539,900 35%

+

$47,836.00

$539,900

+

+

$162,718.00

$539,900

+

+

$161,218.50

37%

37%

Married Filing Separately

Married Filing Jointly $0

-

$20,550

10%

+

$0.00

$0

-

$10,275

10%

+

$0.00

$20,550

-

$83,550

12%

+

$2,055.00

$10,275

-

$41,775

12%

+

$1,027.50

$83,550

-

$178,150 22%

+

$9,615.00

$41,775

-

$89,075

22%

+

$4,807.50

$178,150 -

$340,100 24%

+

$30,427.00

$89,075

-

$170,050 24%

+

$15,213.50

$340,100 -

$431,900 32%

+

$69,295.00

$170,050 -

$215,950 32%

+

$34,647.50

$431,900 -

$647,850 35%

+

$98,671.00

$215,950 -

$323,925 35%

+

$49,335.50

$647,850

+

+

$174,253.50

$323,925

+

+

$87,126.75

37%

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37%

2023 Mobility Tax Guide | Orion Mobility 04

Standard or Itemized?

When filing the Federal tax return, you can claim the standard deduction or itemize eligible deductions to lower your taxable income. A listing of items deductible on Schedule A is outlined in the Federal Tax Deduction section of this guide.

Before the passing of the Tax Cuts and Jobs Act that took effect on January 1, 2018, approximately 30% of taxpayers itemized deductions on their tax returns. Since it passed, that percentage has been cut by more than half.

There are several reasons for the drop in taxpayers taking itemized deductions: Standard deduction amounts nearly doubled, state income tax and state property tax deductions were capped, and other deductions, such as non-reimbursable employee expenses, were eliminated.

2022 Standard Tax Deductions $12,950

$25,900

$19,400

single or married filing separately

married filing jointly

filling as head of household

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2023 Mobility Tax Guide | Orion Mobility 05

Relocation Tax Deductions Seven States Allowing the Deduction The Tax Cuts & Jobs Act, which took effect January 1, 2018, deemed “moving expenses” as non-deductible, except for military members.

However, not all states are following the Federal tax law changes.

Seven states still allow the deduction of moving-related expenses (shipment of household goods, some storage, and certain final move expenses). These expenses/reimbursements can be treated as excludable by the employer or deductible by the individual for state tax purposes.

Although subject to change, here are those seven states: Arkansas, California, Hawaii, Massachusetts, New Jersey, New York, and Pennsylvania.

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2023 Mobility Tax Guide | Orion Mobility 06

Does Your Move Qualify?

Of the states that allow these deductions, most require that a move meets two tests - the distance and time tests.

Distance & Time Tests

There are exceptions to these requirements. IRS Publication 521 gives Federal guidelines for qualified military moves and relocations before the tax year 2018. Most states that allow the exclusion/deduction will follow similar rules to this publication.

Qualifying Expenses For the states that allow the deductions, most will likely follow the pre-2018 Federal tax laws when determining the requirements and allowable expenses. Please look at your state tax site, tax returns, and publications to see what deductions your state allows.

If your state allows for the exclusion/deduction of moving expenses, be careful to avoid taking a deduction for a moving cost that your employer reimbursed you or that they paid directly to the vendor unless this amount was included in the state earnings of your W-2. In other words, don’t take a deduction for an expense if the company reimbursed/paid but excluded it from your earnings.

Common deductions usually fall within one of two categories: • Shipment of Household Goods & Storage Costs • Final Move Costs Return to Table of Contents

2023 Mobility Tax Guide | Orion Mobility 07

Examples of “Shipment of Household Goods” include: The shipment of household goods and personal effects to your new home Moving your personal vehicles to the new location. If you drive them yourself or use them to move your household goods or personal effects, you usually have the option of deducting either the actual cost of gas, oil, tolls, and parking or the final move mileage rate, tolls, and parking. For 2022 qualifying moves, the Federal deductible mileage rate is $0.18/mile if incurred between 1/1-6/30/22 and $0.22/mile if incurred between 7/1-12/31/22 Shipping a boat, household pets, and other belongings Tips to the movers, plus boxes and tape that were used to wrap your household goods and personal effects Storage and insuring household goods for one period of 30 consecutive days when moving to or within the U.S.; moves to foreign countries have no time limit

Examples of “Final Move Costs” include: One trip (per household member) from the old home to the new home Airfare and cab fare to and from the airport If you drive your personal vehicle to the new location, you have the option of deducting either the actual cost of gas, oil, tolls and parking, or the mileage rate, tolls and parking. For 2022 qualifying moves, the Federal deductible rate is $0.18/mile if incurred between 1/1-6/30/22 and $0.22/mile if incurred between 7/1-12/31/22.

Lodging while traveling from the old to new location Meals are not deductible in most cases

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2023 Mobility Tax Guide | Orion Mobility 08

Example of an Employee Moving Expense Report Employee Moving Expense Report Expenses Dated: 01/01/2022 to 12/31/2022

MARRIED, FILING JOINTLY Filing Status #Of Federal Exemptions: 4 2 # Of Dependents: Illinois States:

Taxable: FICA Only (I): Taxable Not Gross-up: Sum of All Gross-up: Total Relocation Wages (II):

I. II. III.

$26,163.50 $3,000.00 $0.00 $10,645.86 $39,809.36

Federal Income: 401K Deduction: State Income: FICA Wage:

$150,000.00 $0.00 $150,000.00 $150,000.00

Business Excludable: Excludable (III): Tracking Only: Property Expenses/Business:

$0.00 $0.00 $0.00 $55,591.00

Expenses usually deductible Reported W-2 Box 1 Reported W-2 Box 12, Code P / Usually Included on IRS from 3903

Sum of All Gross-up Employee 12/31/2022 2022 New Residence Points 09/17/2022 Inv # 1234 2% New Bank New Residence Closing 09/17/2022 Inv # 1234 New Bank Temporary Living Apartment Rentals 08/01/2022 August Rent Storage over 30 days 08/01/2022 Inv # 0456986 ABC Van Lines Transit Costs ABC Van Lines 07/27/2022 Inv # 0401972 Final Billing 3rd Party Relocation Company 07/25/2022 Inv 981234 Final Move Mileage Employee 07/07/2022 Auto one way Settling in Services 123 Services 04/01/2022 Full Service House Hunting Employee 04/01/2022 Car Rental Lump Sum 03/15/2022 Relocation Bonus Employee Total Expenses:

Federal Tax State Tax Local/Special Tax FICA (OASDI) FICA (Medicare) Total:

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$10,645.86 Memo $3,000.00 FICA Only $2,450.00 Taxable $3,000.00 Taxable $550.00 Taxable $12,000.00 Taxable $55,291.00 Property $163.50 Taxable $3,500.00 Taxable $2,500.00 Taxable $2,000.00 Taxable $95,100.36

$8,098.06 $1,970.56 $0.00 $0.00 $577.24 $10,645.86

2023 Mobility Tax Guide | Orion Mobility 09

Temporary Assignments

Short-Term vs. Long-Term For short-term assignments that last (or are expected to last) one year or less, many related expenses can be treated as non-taxable, similar to a business trip. An assignment or move expected to last more than one year should be treated as a relocation and follow the applicable tax laws.

For short-term assignments, an employer can pay expenses via reimbursement or perdiem.

Short-Term Assignment: Reimbursements The temporary workplace should be much further away during a short-term assignment, requiring an overnight stay. Suppose that is the case and an accountable plan is followed.

In that case, the following assignment-related reimbursements for the employee are normally considered non-taxable (while family reimbursements are taxable): The cost to travel from the permanent home to the temporary work location at the start of the assignment and the cost to travel back home at the end of the assignment Transportation costs while at the temporary work location Lodging, meals, and incidental expenses Cleaning, laundry, taxi, phone, and other miscellaneous expenses Return trips home without a business purpose, but only the lesser cost of the trip vs. the cost of staying at the temporary assignment location Return trips home with a business purpose for the trip Visas, passports, language training, etc. (similar to non-taxable items encountered with some relocations where the expenses are needed for the employee to work in the new location)

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2023 Mobility Tax Guide | Orion Mobility 10

Short-Term Assignment: Per-Diem Rather than following an accountable plan during a temporary assignment, an employer may reimburse for travel expenses using a per-diem allowance. This allowance covers lodging, meals, and incidental expenses while traveling on business or while on assignment and would nullify the need to substantiate these expenses with receipts.

These allowable per-diem rates are updated and available through the GSA website gsa.gov. Essentially, an employer can reimburse up to the applicable rates listed in the GSA tables, and the per-diem can be treated as non-taxable for temporary short-term assignments. If an employer reimburses at a higher rate than those listed in the tables, the excess would be considered taxable wages. While no receipts are required if these tables are used, the payments must still meet other substantiation requirements, including the trip's date, place, and business purpose. More information is available in IRS Revenue Procedure 2019-48 and IRS Notice 2022-44.

If an employer does not reimburse or provide a per diem for meals and incidental expenses, then the employer has the option of reimbursing $5 per day for incidental expenses in lieu of receipts. For the day travel begins and ends, 75% of the per diem would be allowable, or a reasonable, consistent method, such as the actual hours away from home.

For additional information on the taxability of reimbursements during a temporary assignment, please refer to IRS Publication 535 “Business Expenses” and IRS Publication 463 “Travel, Gift and Car Expenses.”

When a Short-Term Assignment Becomes Long-Term If an assignment is expected to last no more than one year but the intent later changes and the assignment becomes more than one year, the assignment is considered temporary only up until the date the expectation of the assignment changed. Once expectations change, the assignment should be viewed as a relocation from that point forward, and all expenses that are generated after the intent change should be treated as relocation.

When a Long-Term Assignment Becomes Short-Term If an assignment is expected to last more than one year but then ends prematurely, the assignment would still follow relocation tax laws and not those associated with a temporary short-term assignment. This is because the original intent at the time of the assignment was for it to last more than one year. In other words, the intent at the time the assignment is initiated is vital to classifying the taxability of the move.

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2023 Mobility Tax Guide | Orion Mobility 11

Understanding Gross-Up What Is Gross-Up? When your employer reimburses you for a nondeductible relocation expense, the reimbursement becomes part of your taxable income. Some employers “gross up” the reimbursement to help ensure employees do not pay more of their own money on their personal income taxes due to a relocation.

Gross-up came into play when Congress tried to limit companies from providing overly generous relocation benefit packages. Many years ago, Congress ruled that the basic necessities of a move, such as the shipment of household goods and one-way trips of members of the household, should be tax deductible, while most other relocation expenses, such as house-hunting trips and temporary living lodging, should be nondeductible expenses. With the passing of the Tax Cuts and Jobs Act of 2017, those deductible expenses were no longer deductible starting in 2018, with the exception of qualified military moves.

How It Works An employer typically uses a simple formula: (tax rate / (1 – tax rate)). To reimburse someone who has 36.65% in total taxes (Federal 24%, State 5.0%, OASDI 6.2%, and Medicare 1.45%), the employer would provide an additional $0.58 in gross-up for every dollar of nondeductible reimbursement: (36.65% / (1 – 36.65%)) or 57.85%. Keep in mind that this additional reimbursement is considered taxable income to the employee. By paying an additional $0.58 rather than $0.37, the employer will cover this tax-on-tax burden.

Expense Amount: $10,000 Tax Assistance (57.853%): $ 5,785 Gross Payment: $ 15,785

GROSS PAYMENT: Fed WH @24%: State WH @5%: Med WH @1.45%: OASDI WH @6.2%: Total Withholding: NET PAID

$15,785.33 $3,788.48 $789.27 $228.89 $978.69 $15,785.33 $10,000.00

Gross-ups are calculated in various ways. A common approach is to calculate what the Federal, State, FICA, and Local taxes would have been if the employee had not relocated and compare it to the actual calculations with the move. The difference in taxes would make up most of the gross-up, and as mentioned earlier, the gross-up would then be grossed up (tax on tax) to come up with a final gross-up amount.

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2023 Mobility Tax Guide | Orion Mobility 12

Federal Tax Deductions & Credits The following are common tax deductions for itemizing at a federal level. For details, click the links or scroll through the following pages.

Eligibility for Deductions and Credits Based on your income, you may not be eligible for part or all of some deductions. These include the Child Tax Credit, Adoption Credit, and several education-related deductions and credits. Also, if your income exceeds certain limits, you won’t be able to make contributions to a Roth IRA or a Coverdell ESA (Education IRA).

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2023 Mobility Tax Guide | Orion Mobility 13

Federal Tax Deductions (continued) Casualty and Theft Losses To determine the loss, Form 4684 should be completed. This deduction is only available for losses related to federally-declared disasters.

Charitable Contributions This includes cash, property, and out-of-pocket expenses you paid for volunteer work for qualified charitable organizations.

Furniture, appliances & personal Items Consider donating unwanted furniture, appliances, and personal items. Rather than discard them, take the opportunity to contribute to a qualified charity. Qualified donations can be accepted as a tax deduction by completing IRS Schedule A. IRS Publication 526 explains how to take a deduction for a charitable donation. It also discusses which organizations qualify for deductible donations, how much you can deduct, different types of contributions, what records to keep, and how and where to report these deductions. Also, see “Exempt Organizations Select Check (EO Select Check)” on the IRS website to check certain information about exempt organizations.

Another useful document is Publication 561, which helps determine the value of the donated property. All three publications are available at www.irs.gov.

For a contribution of $250 or more, you will need a written statement from the charitable organization showing the amount of money or a description of the property donated and whether you received any goods or services in return. For non-cash contributions over $500, you must complete IRS Form 8283. For contributions over $5,000, a written appraisal may be required.

Cash Donations In 2020 and 2021, taxpayers who took standard deductions on their tax returns, rather than itemizing, were able to take tax deductions for cash contributions up to either $300 or $600. For 2022, this is no longer the case. Just like all other charitable contributions, cash contributions can now only be taken as tax deductions on Schedule A. In other words, if you don’t itemize Schedule A deductions, you will no longer be able to take a tax deduction for cash contributions.

As a reminder for cash contributions, you must maintain records of the contributions (such as canceled checks or credit card statements) or written statements from the charities, regardless of the amounts donated.

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2023 Mobility Tax Guide | Orion Mobility 14

Federal Tax Deductions (continued) Donating a Car

If you donate a car or other vehicle to charity, the deductible amount is typically the amount that the charity receives when it sells the vehicle if the claimed value is more than $500. In that case, after the car is sold, the charity should provide a Form 1098-C informing you of the correct amount to deduct. Previously, taxpayers were allowed to deduct a fair estimate of their vehicle’s value, but that is no longer the case for vehicles valued at more than $500.

If the charity sells the car for $500 or less, the fair market value would be the deductible amount of up to $500. For example, if the car is valued at $700 but only sells for $400, then $500 would be the deductible amount. For an estimate of your car’s value, you can refer to Kelly’s Blue Book.

Children & Dependent Credits For 2022, the child tax credit has a value of $2,000 for each dependent child under the age of 17 as of December 31.

Last year, the credit was temporarily increased to a maximum value of $3,000 ($3,600 if under age 6), and the age limit was temporarily increased to under the age of 18.

This was only a one-year enhancement to the credit.

This $2,000 credit continues to phase out once adjusted gross income exceeds $400,000 if married filing jointly and $200,000 for all others. In addition, a $500 credit remains available for other eligible dependents and is subject to phase out at the same income thresholds. For higher incomes, $50 of the total credit is lost for each $1,000, or fraction thereof, that adjusted gross income exceeds these thresholds.

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2023 Mobility Tax Guide | Orion Mobility 15

Federal Tax Deductions (continued) Education There are two education tax credits: the American Opportunity Tax Credit and the Lifetime Learning Credit. The Protecting Americans Against Tax Hikes (PATH) Act of 2015 made some of these tax incentives permanent. These credits have restrictions and limits; for example it is not available to those filing married filing separately.

American Opportunity Tax Credit The American Opportunity Tax Credit is available to many taxpayers and includes required course materials on the list of qualified expenses. The credit is available for all four post-secondary years. The maximum credit is $2,500 per student paid during the tax year, with 100% of the first $2,000 plus 25% of the following $2,000 in qualified education expenses available as a credit. The credit starts to phase out for modified adjusted gross incomes over $80,000, $160,000 if MFJ, and completely phases out when income levels reach $90,000, $180,000 if MFJ.

Lifetime Learning Credit Taxpayers may be able to claim a Lifetime Learning Credit of 20% of qualified education expenses paid for those in eligible education institutions (maximum of $2,000 in tax credits). However, a taxpayer cannot claim both the American Opportunity Tax Credit and the Lifetime Learning Credit for the same expense. The Lifetime learning Credit has no limit on the number of years. The phase out starting points match the American Opportunity Tax Credit thresholds of $80,000-$90,000 and $160,000-$180,000.

Generally, students receive a Form 1098-T from their school by January 31. This form is helpful in figuring the credit. Both the American Opportunity Credit and the Lifetime Learning Credit are calculated by completing Form 8863.

Even if you don’t itemize deductions, student loan interest may be deductible up to $2,500 on Schedule 1 as an adjustment to income. The deduction starts to phase out for modified adjusted gross incomes over $70,000 and $140,000 if MFJ, and completely phases out when income levels reach $85,000 and $170,000 if MFJ. IRS Publication 970 “Tax Benefits for Education” provides additional detail. IRS Form 8863 “Education Credits” also provides additional information.

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2023 Mobility Tax Guide | Orion Mobility 16

Federal Tax Deductions (continued) Home Interest & Mortgage Points If you took out qualifying debt after December 15, 2017, mortgage interest is only deductible up to $750,000 ($375,000 if married filing separately) of that debt. There are exceptions under specific scenarios. Meanwhile, the deduction for mortgage insurance premiums has expired and will not be available in 2022.

Medical & Dental This deduction is limited in 2022 to qualified expenses exceeding 7.5% of the adjusted gross income reported on the Federal Tax Return.

Refinanced Mortgage If you refinanced your mortgage on the home you are selling and paid points at the time of refinancing, you may deduct the remaining discount points on this year’s tax return.

The remaining balance is deducted as home mortgage interest on Schedule A.

Rental Properties (for property owners) Considering renting your former home? See Selling vs. Renting.

Depreciation Depreciation is only a paper deduction since homes tend to increase in value over time.

A landlord also can claim a depreciation loss for appliances in the home. This can be done in one lump sum or spread out over several years. Any depreciation amount has the effect of lowering your taxable income. It’s possible to claim enough deductions to show a net loss on the property, even though you’re receiving monthly rental income from your tenants.

Always check out all tax issues thoroughly with your tax accounting professional; however, the IRS generally will allow you to depreciate the value of the structure on this property over a period of 27.5 years. This is the logical treatment as buildings wear out over time or become obsolete because their older features are no longer in demand. If you own a property generating $15,192 per year in positive cash flow, you can offset some of that income for your taxes. The amount you can depreciate is the lesser of the fair market value or its adjusted basis.

Should you rent out your former house?

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2023 Mobility Tax Guide | Orion Mobility 17

Federal Tax Deductions (continued) Fair market value is determined by what the actual sales price of the home would be at the time it is converted to a rental property. You can work with your local real estate agents to determine the value of your property.

Your adjusted basis is based on the purchase price of the property, plus permanent structure improvements of the property minus the value of the land.

Depreciation Calculation Example 1. Purchase price - Land Value = Building Value 2. Building Value / 27.5 years = Annual Allowable depreciation deduction For our example, we'll assume that the purchase price of the property was $325,000 and the value of the half-acre on which it sits is $80,000.

1. $325,000 - $80,000 = $245,000 Building Value 2. $245,000 / 27.5 years = $8,909 per year in depreciation

Interest Interest is often a landlord’s single biggest deductible expense. Common examples include mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity.

Repairs The cost of repairs to rental property (provided the repairs are ordinary, necessary, and reasonable in amount) are fully deductible in the year in which they are incurred.

Examples of deductible repairs include repainting, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows.

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2023 Mobility Tax Guide | Orion Mobility 18

Local travel Landlords are entitled to a tax deduction whenever they drive for their rental activity. For example, when you drive to your rental building to deal with a tenant complaint or go to the hardware store to purchase a part for a repair, you can deduct your travel expenses.

If you drive a car, SUV, van, pickup, or panel truck for your rental activity (as most landlords do), you have two options for deducting your vehicle expenses. You can deduct your expenses (upkeep, gasoline, repairs) or use the standard mileage rate ($0.585/mile if incurred between 1/1-6/30/22 and $0.625/mile if incurred between 7/112/31/22). To qualify for this rate, you must use the standard mileage method the first year you use a car for business activity.

You cannot use the standard mileage rate if you have claimed accelerated depreciation deductions in prior years, or have taken a section 179 deduction of your vehicle.

Long-distance travel If you travel overnight for your rental activity, you can deduct your airfare, hotel bills, meals, and other expenses.

However, IRS auditors closely scrutinize deductions for overnight travel — and many taxpayers get caught claiming these deductions without proper records to back them up.

To stay within the law (and avoid unwanted attention from the IRS), you must properly document your long-distance travel expenses.

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2023 Mobility Tax Guide | Orion Mobility 19

Federal Tax Deductions (continued) Employees and independent contractors When you hire someone to perform services for your rental activity, you can deduct their wages as a rental business expense. This is true whether the worker is an employee (for example, a resident manager) or an independent contractor (for example, a repair person).

Casualty and theft losses If your rental property is damaged or destroyed from a sudden event – like a fire or flood– you may be able to obtain a tax deduction for all or part of your loss. These types of losses are called casualty losses. You usually won’t be able to deduct the entire cost of property damaged or destroyed by a casualty. How much you may deduct depends on how much of your property was destroyed and whether the loss was covered by insurance.

Insurance You can deduct the premiums you pay for almost any insurance for your rental activity.

This includes fire, theft, and flood insurance for rental property and landlord liability insurance. If you have employees, you can deduct the cost of their health and workers’ compensation insurance.

Legal and professional services You can deduct fees paid to attorneys, accountants, property management companies, real estate investment advisors, and other professionals. You can deduct these fees as operating expenses as long as the fees are paid for work related to your rental activity.

State & Local Taxes (SALT) Either state and local income tax or state and local sales tax may be deducted, but not both.

Also, tax deductions include real estate taxes and personal property tax. The overall deduction is capped at $10,000, $5,000 if married filing separately.

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2023 Mobility Tax Guide | Orion Mobility 20

State Income Taxes 2022 Tax Rates Alabama

2.0% - 5.0%

Kentucky

5.00%

North Dakota

1.1% - 2.9%

Alaska

0%

Louisiana

1.85% - 4.25%

Ohio

2.765% - 3.99%

Arizona

2.55% - 2.98% Maine

5.8% - 7.15%

Oklahoma

0.25% - 4.75%

Arkansas

2.0% - 4.9%

Maryland

2.00% - 5.75%

Oregon

4.75% - 9.9%

California

1.0% - 13.3%

Massachusetts

5.00%

Pennsylvania

3.07%

Colorado

4.4%

Michigan

4.25%

Rhode Island

3.75% - 5.99%

Connecticut 3.00% - 6.99% Minnesota

5.35% - 9.85%

South Carolina 3.0% - 6.5%

Delaware

2.2% - 6.6%

Mississipi

4.0% - 5.0%

South Dakota

0%

D.C.

4.0% - 10.75% Missouri

1.5% - 5.4%

Tennessee

0%

Florida

0%

Montana

1.0% - 6.75%

Texas

0%

Georgia

1.0% - 5.75%

Nebraska

2.46% - 6.84%

Utah

4.85%

Hawaii

1.4% - 11.0%

Nevada

0%

Vermont

3.35% - 8.75%

Idaho

1.0% - 6.0%

New Hampshire

0%

Virginia

2.00% - 5.75%

Illinois

4.95%

New Jersey

1.4% - 10.75%

Washington

0%

Indiana

3.23%

New Mexico

1.7% - 5.9%

West Virginia

3.0% - 6.5%

Iowa

0.33% - 8.53% New York

4.00% - 10.9%

Wisconsin

3.54% - 7.65%

Kansas

3.1% - 5.7%

4.99%

Wyoming

0%

North Carolina

Where to File Most states require withholding in the state where income is earned (the work state).

Generally, you must file an income tax return for the work state. If you are a non-resident of that state, then you will typically also file an income tax return for your state of residence. In most of these cases, the tax paid in the work state can be taken as a tax credit on the resident state tax return.

You may have earned wages in more than one state during the relocation process. In this case, part-year state tax returns are generally required for each state. Please look at the following page for information about working out of state. Part-year state tax returns can be complicated, and you may want to seek professional assistance.

The IRS provides links to all states’ departments of revenue.

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2023 Mobility Tax Guide | Orion Mobility 21

State Income Taxes (continued) States without income tax There are nine states that require no income tax on earned income: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

Determining tax liability An organization’s tax liability is based on sufficient physical or economic presence within the state, known as a nexus. Each state has varying thresholds that corporations must meet before being subject to taxation. Employees working remotely may create a nexus.

While most states require withholding in the state where income is earned (the work state), there are exceptions via “reciprocal agreements” and the “convenience of the employer rule.”

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2023 Mobility Tax Guide | Orion Mobility 22

Reciprocal Agreements Some states have entered into reciprocal agreements. For these states, you will only be subject to income tax in the residence state and not in the work state. States with these agreements have provisions that exempt you from having withholding taken in the work state. The chart below identifies states with mutual reciprocity agreements. Also, Arizona and D.C. allow an exemption from state tax if you work in the state but live in certain other states. D.C. allows this if you live in any other state, while Arizona allows for California, Indiana, Oregon, and Virginia.

SOURCE: thebalance.com

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2023 Mobility Tax Guide | Orion Mobility 23

State Income Tax Deductions If you take a standard deduction at the Federal level, some states will allow itemization.

State tax differences Not all states are following the Federal tax law changes that were part of the Tax Cuts and Jobs Act that became law in 2018. Most states continue to follow current Federal tax laws, but several have decided to stay with the pre-2018 Federal tax laws.

Relocation-related expenses In regards to “moving expenses” (shipment of household goods, some storage, and certain final move expenses), seven states are sticking with pre-2018 Federal tax laws, which means that these expenses/reimbursements can be treated as excludable by the employer or deductible by the individual for state tax purposes. Although subject to change, those states include Arkansas, California, Hawaii, Massachusetts, New Jersey, New York, and Pennsylvania. For more information, see Relocation Tax Deductions.

New residence points, mortgage interest, or property taxes Not all states allow a deduction for new residence points, mortgage interest, or property taxes. For Federal, these items are deductible on Schedule A, but some states do not allow you to deduct such expenses on the state tax return. These states include Connecticut, Illinois, Indiana, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Rhode Island, Vermont, and West Virginia. Louisiana and North Carolina allow a portion as a tax deduction, while Utah and Wisconsin will enable a portion as a tax credit.

Federal tax deductions Five states allow at least a partial deduction of Federal tax on their state tax returns.

Alabama and Iowa will enable you to deduct your Federal tax. Missouri, Montana, and Oregon have limits on the deduction amount.

Five states allow at least a partial deduction of Federal taxes

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2023 Mobility Tax Guide | Orion Mobility 24

Selling vs. Renting Your Home

Depending on your local housing market, sometimes a house may sell poorly. Even though you did everything correctly, the market may be currently unfavorable. Even if that is the case, you shouldn’t give up on the property. Consider renting out your home, which can offer several advantages you would not encounter with a home sale.

Advantages of Renting Rental income can cover some or all of the mortgage and maintenance expenses. You may even make a profit if your monthly payment is low enough.

You can continue to build equity in your home at the renter's expense – especially if your particular housing market has not experienced slowdowns. Also, if your mortgage has existed for several years, more of the payment may be applied to the principal.

Landlords may also gain tax advantages in addition to the regular deductions of mortgage interest and taxes.

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2023 Mobility Tax Guide | Orion Mobility 25

Selling vs. Renting (Continued) Tax Deductions Rental property is considered to be a real estate investment. Therefore, as an investor, a number of tax breaks become available to you. If you actively participate in rental real estate activity, you might be eligible to deduct up to $25,000 of annual rental loss against other income.

The IRS considers you to be actively participating if you have made significant and bona fide management decisions, such as approving new tenants, deciding on rental terms, and approving expenditures. In addition, a landlord can depreciate the property's value against the income generated on the home. If you would like more information, you can see our section on Rental Deductions.

Sale of Residence Exclusion Rules Please consider that you may be subject to capital gains tax on the profit when selling a home. If you have lived in the house as the primary residence for at least two of the last five years, then no tax is due on the gain up to $250,000 if single or $500,000 if married filing a joint tax return. For homes such as rental or vacation properties, you likely won’t qualify for this exclusion and may owe capital gains tax on the total amount of the gain.

If you sell a primary residence that you lived in for less than two of the last five years, the exclusion amount under certain circumstances can be prorated as a percentage of two years. The IRS considers a job change, developing health problems, or other “unforeseen circumstances” reasonable scenarios. For example, if a married couple sells a primary residence because of a job change and after living in it for only one year, they will be able to exclude up to 50% of $500,000 or up to $250,000.

When determining the amount of the gain on the home, you need to choose the home's basis compared to the selling price. The basis is typically the cost of the house when it was initially purchased, minus any home buyer tax credits, plus miscellaneous costs such as capital improvements.

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2023 Mobility Tax Guide | Orion Mobility 26

Alternative Minimum Tax What It Is The alternative minimum tax (AMT) was created to limit deductions that wealthy Americans can take on their income tax returns. The AMT operates alongside the standard tax system but entails an alternative rate structure and eliminates some common tax deductions. Affected taxpayers must figure out their tax liability twice - once under regular tax rules and once under the AMT guidelines and then pay the higher amount.

Who Is Affected It is most likely to affect taxpayers at the top of the income scale who engage in certain tax sheltering activities.

Exemption amounts for 2022: Single/Head of household: Married filing jointly: Married filing separately:

$75,900 $118,100 $59,050

The AMT calculation is very complicated, and many taxpayers don’t know if they will have to pay it until they complete their tax returns and calculate their taxes. IRS Form 6251 needs to be completed to determine if AMT is owed. A taxpayer pays the higher of the regular tax calculation or this minimum tax.

Since the AMT calculation is complex, it is impossible for companies to factor the AMT into their year-end gross-up calculations accurately. Understandably, the AMT will likely not be factored into your gross-up calculation. Until the actual tax return is completed, there is no way to tell if relocation positively or negatively affects your taxes.

Applies to taxpayers at the top of the income scale

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2023 Mobility Tax Guide | Orion Mobility 27

Canadian Relocation Tax Laws

Most moving expense reimbursements or expenses paid on your behalf by your employer are considered non-taxable income in Canada and will not be included in the income on your T4 Slip. Meanwhile, for expenses not paid for or reimbursed by your employer, some may be deductible on your tax return if they meet certain requirements:

Employer-Paid or Reimbursed Expenses First, for moving expenses reimbursed or paid by the company, the following expenses are considered non-taxable: Shipping and storage costs for household effects, plus moving cars, boats, or trailers Reasonable final move expenses, including meals for the employee and household members Househunting expenses, including child/pet care while the employee is away Reasonable temporary living expenses, including meals while waiting to occupy the new, permanent accommodation Lease cancellations Old homes duplicate housing costs if reasonable efforts are made to sell the home Old home selling costs New home purchase legal fees and transfer taxes Disconnecting and connecting costs for utilities and appliances Adjustments and alterations to existing furniture and fixture to arrange them in the new residence Non-accountable misc. allowance (taxable for amounts in excess of $650 – in Quebec, taxable for amounts in excess of two week’s salary) Loss on sale (taxable for 50% of amounts in excess of $15,000) Many incidental expenses include changing addresses on legal documents, replacing driving licenses, etc.

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2023 Mobility Tax Guide | Orion Mobility 28

Canadian Relocation Tax (continued) Non-Reimbursed Deductible Expenses

Moves by “factual” or “deemed residents” are generally considered “eligible relocations.”

In these cases, some expenses you pay and are not reimbursed by the employer may be deductible. For moves not considered “eligible relocations,” these expenses would not be deductible. Meanwhile, for “eligible relocations,” the following would be deductible: Traveling expenses for the taxpayer and members of the household, including reasonable amounts for lodging, vehicle expenses, and meals. If the taxpayer prefers, a “simplified method” of claiming vehicle and meal expenses is available instead of claiming actual expenses.

Transportation and storage of household goods.

Temporary lodging and meals near the old or new residences for a maximum of fifteen days. Again, a “simplified method” is available for meal expenses. Meanwhile, househunting trips before you move are NOT deductible.

Lease cancellation for the old residence.

Selling costs for the old residence, unless the sale was delayed for investment purposes or until the real estate market improved. A loss on sale is NOT deductible.

Legal fees and land transfer taxes associated with the purchase of the new residence, provided the old residence is sold due to the move.

Mortgage interest, property taxes, insurance premiums, and costs associated with heat and utilities on a vacant old residence, and during a period where reasonable efforts were made to sell the home, up to $5,000.

Certain incidental costs related to the move include changing the address on legal documents, replacing driver’s licenses and automobile permits, and utility hook-ups and disconnections.

The overall deduction is limited to income earned in the new position at the new location (or scholarships and grants in the case of a student) in the year of the move. Any excess deductions may be carried forward for a possible deduction in the year following the move.

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2023 Mobility Tax Guide | Orion Mobility 29

Canadian Relocation Tax (continued) Eligible Relocations To deduct moving expenses paid by an individual that aren’t reimbursed by their employer, the move must be considered an “eligible relocation”. For moves into, within, or out of Canada, there are three requirements:

You must be a “factual” or “deemed resident” of Canada, or a fulltime student.

You must move from and to a place where you normally reside.

The distance from your new home to the new work location must be at least 40 kilometers shorter than the distance from your old home to the new work location.

For moves between two locations outside of Canada, some expenses may be deductible if you are considered a “factual” or “deemed resident” of Canada and the move qualifies as an “eligible relocation.” Generally, a “factual resident” keeps significant residential ties in Canada while traveling outside the country. A “deemed resident” is a government employee, a member of the Canadian Forces, or a person working under the Canadian International Development Agency program while living outside Canada.

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2023 Mobility Tax Guide | Orion Mobility 30

Canadian Relocation Tax (continued)

Key differences between reimbursed & non-reimbursed expenses

Overall, the significant differences between reimbursed and non-reimbursed expenses for “eligible relocations” are: House hunting (non-taxable if reimbursed; non-deductible if not reimbursed) Temporary living (non-taxable if reimbursed; deductible only up to 15 days if not reimbursed) Non-accountable misc. allowance (non-taxable up to $650 if reimbursed – in Quebec, non-taxable up to two week’s salary; non-deductible if not reimbursed) Loss on sale (non-taxable up to $15,000 and 50% non-taxable beyond that if reimbursed; non-deductible if not reimbursed) Taxable reimbursements or expenses paid on your behalf should be included in box 14 of your T4 Slip and under “Other Information” under code 40. Non-taxable expenses usually are not reported on the T4 Slip.

For 2022 the Federal tax rates remain the same, but the brackets have been adjusted for inflation.

2022 Canadian Federal Taxes $0

- $50,197

15.00% + $0.00

$50,197

- $100,392 20.50% + $7,529.55

2022 Province/Territory Tax Rates Alberta

10.00% - 15.00%

British Columbia

5.06%

$100,392 - $155,625 26.00% + $17,819.53

Manitoba

10.80% - 17.40%

$155,625 - $221,708 29.00% + $32,180.11

New Brunswick

9.40%

- 20.30%

$221,708 +

Newfoundland and Labrador 8.70%

- 21.80%

Northwest Territories

5.90%

- 14.05%

Nova Scotia

8.79%

- 21.00%

Nuvavut

4.00%

- 11.50%

*Ontario

5.05%

- 13.16%

*Prince Edward Island

9.80%

- 16.70%

Quebec

15.00% - 25.75%

Saskatchewan

10.50% - 14.50%

Yukon

6.40%

33.00% + $51,344.18

- 20.50%

- 15.00%

* Has a surtax in addition to tax rates shown.

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2023 Mobility Tax Guide | Orion Mobility 31

Global Moves

Foreign Earned Income Exclusion United States citizens and resident aliens are taxed on their worldwide income, whether the person lives inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for their personal services. In addition, they may also qualify to exclude or deduct certain housing costs.

A common misconception that contributes to the international tax gap is that this potentially excludable foreign earned income is exempt income not reportable on a U.S. tax return. In fact, only a qualifying individual with qualifying income may elect to exclude foreign earned income and this exclusion applies only if a tax return is filed and the income is reported.

Qualifying for the foreign-earned income exclusion To qualify, a U.S. citizen or resident alien must meet three qualifications.

Qualifications

1.Have foreign earned income (income received for working in a foreign country) 2. Have a tax home in a foreign country 3. Meet either the bona fide residence test or the physical presence test

Tax home Your tax home is the general area of your main place of business, employment, or post of duty where you are permanently or indefinitely engaged to work. You are not considered to have a tax home in a foreign country for any period during which your home is in the U.S. However, if you are only temporarily present in the U.S., or maintain a dwelling there, it does not necessarily mean that your home is in the U.S. For details, see IRS publication 54.

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Global Moves (continued) Foreign country

A foreign country, for this purpose, means any territory under the sovereignty of a government other than the United States. It includes the country’s territorial waters (determined under U.S. laws) and air space above them. A foreign country also consists of the seabed and subsoil of the submarine areas that are adjacent to the territorial waters of the foreign country and over which it has exclusive rights under international law to explore and exploit natural resources. For this purpose, U.S. possessions or territories and the Antarctic region are not foreign countries.

Waiver of time requirements You may not have to meet the minimum time requirements of at least 330 full days during any period of 12 consecutive months for bona fide residence or physical presence if you have to leave the foreign country because of war, civil unrest, or similar adverse conditions which prevented you from conducting regular business. However, you must be able to show that you reasonably could have expected to meet the minimum time requirements if the adverse conditions had not occurred.

Exclusion amounts and limits The foreign earned income exclusion amount is adjusted annually for inflation, beginning with the 2006 tax year. For 2022, the maximum foreign-earned income exclusion is up to $112,000 per qualifying person. If married and both individuals work abroad and both meet either the bona fide residence test, or the physical presence test, or the physical presence test, each one can choose the foreign earned income exclusion. Together they can exclude as much as $224,000 for the 2022 tax year.

In addition to the foreign-earned income exclusion, qualifying individuals may also exclude or deduct a foreign housing amount from their foreign-earned income. Starting with the 2006 tax year, the amount of qualified housing expenses eligible for the housing exclusion and housing deduction is limited. The limitation on housing expenses is generally 30% of the maximum foreign-earned income exclusion. For 2022, the housing limitation is $33,600. However, the limit will vary depending on the location of your foreign tax home and the number of qualifying days in that tax year.

The foreign-earned income exclusion is limited to the actual foreign-earned income minus the foreign housing exclusion. Therefore, to exclude a foreign housing amount, the qualifying individuals must figure out the foreign housing exclusion before determining the amount for the foreign earned income exclusion.

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Global Moves (continued) How to Claim the Exclusion

Since the foreign earned income exclusion is voluntary, qualifying individuals must choose to claim the exclusion. The foreign earned income exclusion and foreign housing cost exclusion are claimed and calculated using IRS Form 2555, which must be attached to IRS Form 1040. Once the choice is made to exclude foreign earned income, that choice remains in effect for the year the election is made and all later years, unless revoked.

Other rules Not considered foreign earned income: Foreign earned income does not include the following amounts: Pay received as a military or civilian employee of the U.S. Government or any of its agencies Pay for services conducted in international waters (not a foreign country) Pay in specific combat zones, as designated by an Executive Order from the President that is excluded from income Payments received after the end of the tax year following the year in which the services that earned the income were performed The value of meals and lodging that are excluded from income because it was furnished for the convenience of the employer Pension or annuity payments, including social security benefits

Self-employment income A qualifying individual may claim the foreign-earned income exclusion on foreign-earned self-employment income. The excluded amount will reduce the individual’s regular income tax, but will not reduce the individual’s self-employment tax. Also, the foreign housing deduction – instead of a foreign housing exclusion – may be claimed.

Calculating the tax A qualifying individual claiming the foreign earned income exclusion, the housing exclusion or both must figure the tax on the remaining non-excluded income using the tax rates that would have applied had the individual not claimed the exclusions.

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2023 Mobility Tax Guide | Orion Mobility 34

Global Moves (continued) Foreign tax credit or deduction

Once the foreign-earned income exclusion is chosen, a foreign tax credit, or deduction for taxes, cannot be claimed on the income that can be excluded. If a foreign tax credit or tax deduction is claimed for any of the foreign taxes on the excluded income, the foreignearned income exclusion may be considered revoked.

Earned income credit Once the foreign earned income exclusion is claimed, the earned income credit cannot be claimed for that year.

Timing of election Generally, a qualifying individual’s initial choice of the foreign earned income exclusion must be made with one of the following income tax returns: • A return filed by the due date (including any extensions) • A return amending a timely return. Amended returns generally must be filed by the later of 3 years after the filing date of the original return or 2 years after the tax is paid, or • A return is filed within one year from the original due date of the return (determined without regard to any extensions)

Revoking the exclusion A qualifying individual has the ability to revoke an election to claim the foreign earned income exclusion for any year. This is done by attaching a statement to the tax return revoking one or more previously made choices. The statement must specific which choice(s) is being revoked, as the election to exclude foreign-earned income and the election to exclude foreign housing amounts must be revoked separately. If an election is revoked and within five years the qualifying individual wishes to again choose the same exclusion, the individual must apply for approval by requesting a ruling from the IRS.

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2023 Mobility Tax Guide | Orion Mobility 35

Looking Ahead: 2023 Tax Laws Currently, there are no major changes to income taxes for 2023. Unless legislation is passed, the marginal income tax rates will remain the same as 2022 but the tax brackets are adjusted for inflation. Also, other various tax-related items have been adjusted for inflation. As it stands today, below are the Federal marginal tax tables for 2023:

2023 Federal Tax Rates

Head of Household

Single $0

$11,000

10% +

$0.00

$0

$15,700

10%

+

$0.00

$11,000

$44,725

12% +

$1,100.00

$15,700

$59,850

12%

+

$1,570.00

$44,725

$95,375

22% +

$5,147.00

$59,850

$95,350

22%

+

$6,868.00

$95,375

$182,100

24% +

$16,290.00

$95,350

$182,100

24%

+

$14,678.00

$182,100

$231,250

32% +

$37,104.00

$182,100

$231,250

32%

+

$35,498.00

$231,250

$578,125

35% +

$52,832.00

$231,250

$578,100

35%

+

$51,226.00

$578,125

+

37% +

$174,238.25

$578,100

+

37%

+

$172,623.50

Married Filing Jointly

Married Filing Separately

$0

$22,000

10%

+

$0.00

$0

$11,000

10%

+

$0.00

$22,000

$89,450

12%

+

$2,200.00

$11,000

$44,725

12%

+

$1,100.00

$89,450

$190,750

22%

+

$10,294.00

$44,725

$95,375

22%

+

$5,147.00

$190,750

$364,200

24%

+

$32,580.00

$95,375

$182,100

24%

+

$16,290.00

$364,200

$462,500

32%

+

$74,208.00

$182,100

$231,250

32%

+

$37,104.00

$462,500

$693,750

35%

+

$105,664.00

$231,250

$346,875

35%

+

$52,832.00

$693,750

+

37%

+

$186,601.50

$346,875

+

37%

+

$93,300.75

2023 Standard Deductions $13,850 Single or MFS | $27,700 MFJ | $20,800 Head of Household

2023 State Rates Several states have announced changes to marginal tax rates for 2023, including three that are changing from a tax table with multiple rates to one flat rate: Arizona 2.5% (top rate was 2.98%), Mississippi 5.0% (same as previous top rate), and Idaho 5.8% (top rate was 6.0%). Several others are lowering their top rates or flat rates: Indiana from 3.23% to 3.15%, Iowa from 8.53% to 6.0%, Kentucky from 5.0% to 4.5%, Missouri from 5.3% to 4.95%, Nebraska from 6.84% to 6.64%, and North Carolina from 4.99% to 4.75%. And a few others have announced other changes, such as Massachusetts' voters approving a surtax of 4% on taxable income over $1,000,000. So that you know, legislatures may make further changes during the year.

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2023 Mobility Tax Guide | Orion Mobility 36

Additional Resources IRS • Pub. 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad • Pub. 463: Travel, Entertainment, Gift, and Car Expenses • Pub. 505: Tax Withholding and Estimated Tax • Pub. 523: Selling Your Home • Pub. 527: Residential Rental Property • Pub. 530: Tax Information for Homeowners • Pub. 535: Business Expenses • Pub. 587: Business Use of Your Home • Pub. 936: Home Mortgage Interest Deduction • Pub. 970: Tax Benefits for Education • Schedule 8812: Credits for Qualifying Children and Other Dependents

www.officialusa.com – for information on a specific state’s website and tax laws

www.usps.com – official United States Postal Service website, which offers online change-of-address forms www.salvationarmyusa.org – a donation valuation guide for tax deductions Subscribe to our

to stay up to date on relocation news.

About Orion Since 1987, Orion Mobility has managed expenses for mobile employees and processed billions of dollars in reimbursements. We combine experience, expertise, and operational flexibility to create unmatched solutions for organizations around the world. Learn more

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Contact Information