Relief

About two years ago I remember receiving the first Chinese Drywall Release document with an offer packet for a Bank Owned home. This Release put the Chinese drywall issue on my radar as the issue began to increase in visibility.

Chinese drywall that is potentially toxic was installed in many homes that were built between 2001 to 2009, when drywall from China was imported during the housing boom to meet heavy demand. There are many good posts on ActiveRain about how to determine if you have the Chinese drywall. Most problems with Chinese Drywall have been reported in the South, with ground zero seeming to be Florida. There have been only a few reports of toxic Chinese drywall in Michigan. There is speculation that Michigan has been spared from the Chinese Drywall either because it was not used in Michigan or because of the mild climate does not react with the drywall as it does in the steamy south.

While Michigan and many northern states have been spared from the toxic drywall, many in the South continue to be plagued with the foul odor and corroded plumbing pipes.  To bring aid to homeowners with this issue, the IRS has announced that homeowners can write-off unreimbursed repairs for damages caused by problematic drywall installed in homes between 2001 and 2008. Taxpayers can claim the loss as a deductible casualty loss.

For more information regarding the IRS guidance to this deduction go to:

http://www.irs.gov/pub/irs-drop/rp-2010-36.pdf

When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estate needs, you choose a  Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned "blue collar" hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.

 We are very familiar with today's market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in  Wayne County , Oakland County, Livingston County, and Washetenaw County we specialize in Canton,   Plymouth, Northville, Livonia and Novi.

Disclaimer: I fully disclose that I am human and make errors, from time- to- time. Therefore, all information in this blog is deemed reliable but not guaranteed to be accurate. I reserve the right to make changes and/or correction of any information at anytime.  I make no warranties either express or implied. This blog is not intended to offer any legal, tax or other advice. Please seek permission to repost or re-blog any part of this blog.  I think this satisfies my attorney..