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NEW GRADS from the Class of ’95 can’t deduct the expenses of searching for their first job.
But they can deduct moving expenses when relocating to their first job. That can be a valuable benefit if the employer isn’t reimbursing your relocation costs.
While the 1993 tax law scaled back the types of expenses eligible for the moving deduction, many college grads will come out ahead.
The reason: The moving deduction is no longer limited to those who itemize deductions. That is an important change for newly minted grads, because they rarely have enough expenses to qualify for itemizing.
