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What Two Conditions Are Necessary for Moving Expenses to Be

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What two conditions are necessary for moving expenses to be deductible?


Definitions:

Option to Cancel

A clause in a contract that allows one or more parties to terminate the agreement under certain conditions.

Legally Sufficient Consideration

refers to something of value or a promise exchanged between parties in a contract that is recognized by law as adequate to establish a binding agreement.

Preexisting Duty

An obligation that a party is already legally required to perform, which cannot serve as the basis for new consideration in a contract.

Sump Pump

A device used to remove accumulated water from a sump basin, commonly found in the basements of homes.

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