Chinese Drywall Part 3 - IRS Relief
The IRS has recently (October 2010) issued tax guidance ("Revenue Procedure 2010-36") for homeowners suffering from widespread chinese drywall problems. The quick summary is that financial losses incurred to fix chinese drywall can now be treated as tax deductible casualty losses in the year those expenses are incurred. There are important details to understand about how this works. For more information, I've included a handy dandy link.
Check out the IRS chinese drywall tax guidance document for full details.http://www.irs.gov/pub/irs-drop/rp-2010-36.pdf