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Monir Mamoun's Blog

By Monir Mamoun | Agent in Morristown, NJ

Chinese Drywall Part 3 - IRS Relief

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

Comments

By Jann,  Sun Aug 21 2011, 14:52
I have been looking into relocating to Cape Coral, FL from the Bucks County area, outside Philadelphia, PA. Only after weeks of searching online for my "dream house", I am now learning of the infamous "Chinese Drywall" nightmare. The one house that would seem perfect for me as to my desires and price point states, SIGNS OF CHINESE DRYWALL...remediation takes 60 days @ $30,000!!! What the what??? Now every property seems suspicious and I'm at a loss as to how to proceed. Any answers?
Thanks ~ Jann
JannDayle@msn.com

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