Senators seek tax relief for Chinese drywall victims
Thursday, June 18, 2009 posted by Larry
Three U.S. senators, including Florida Democrat Bill Nelson, and a U.S. congressman have written to the Internal Revenue Service asking that costs incurred by homeowners who have fallen victim to Chinese drywall should be deductible for federal tax purposes.
The letter, sent Tuesday, asks the IRS to clarify whether section 165(h) of the tax code — which allows taxpayers to deduct “casualty losses” suffered as a result of an unexpected event such as a fire, storm or theft — could apply Chinese drywall victims.
Tags: Drywall in South Florida, Florida Governor Charlie Crist, President Barack Obama, Robert Wexler, tax relief chinese drywall
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It sounds like in order to qualify for this break, you have to compare the value now (with CDW) with what your house used to be worth before CDW. Do they seriously think our homes are worth anything at all now?! I don’t think we could give them away they smell so bad! Lawmaker are clueless! Help us pay for our rent while we have a mortgage… that would be a start! Or, let’s stimulate the construction industry by tearing all of these homes down and starting over. That is the only way the stigma will ever go away.