Real Estate Blog - Update on Chinese Drywall Issue, IRS may offer tax deducation

Home : Blogs : Paige Rausch : Paige Rausch

Update on Chinese Drywall Issue, IRS may offer tax deducation

Residents whose homes have been damaged by tainted Chinese drywall may be eligible for a tax deduction similar to the one taxpayers can claim for damages caused by hurricanes, floods or fires, according to the Internal Revenue Service.

The final determination will be based on the results of investigations being conducted on the drywall by two federal agencies.

According to the information contained in the IRS link(below), a casualty loss "can result from the damage, destruction or loss of your property from any sudden, unexpected, and unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption."

IRS Topic 515 - Casualty, Disaster, and Theft Losses

Posted by Paige Rausch on 07/10/2009 03:30 PM

Comments (2)

Chinese Drywall Update.... IRS May Offer Tax Deduction in the ActiveRain Channel

This post has been included in Florida Information
Post is included in group: CCIM
Post is included in group: Anything Southwest Florida Area

2 Comments on Update on Chinese Drywall Issue, IRS may offer tax deducation

JUL

Hi Paige,

Thanks for the info. I haven't heard anything else on this (since a few months back when it was in the news) for a while and I've been wondering if there has been any resolution for homeowners affected by this?

JUL

It is good that they are giving people a break. Replacing all the drywall in a house can be an expensive mess. Is there anything made in China that isn't garbage?

This blog does not allow anonymous comments