The sweet smell of sulfur in the air.
Nothing could be more corrosive! Thousands of taxpayers are still dealing with the horrible mess of corrosive drywall~otherwise known as, "Chinese Drywall.
" The issues began when the appearance of certain imported drywall hit the US marketplace between 2001-2008.
Homeowners have reported blackening or corrosion of copper electrical wiring and copper components of household appliances, as well as the presence of sulfur gas odors.
In November 2009, the Consumer Product Safety Commission (CPSC) reported that an indoor air study of a sample of 51 homes found a strong association between the problem drywall and levels of hydrogen sulfide in those homes and corrosion of metals in those homes.
Many taxpayers have had to move out of their homes because of health reasons due to the heavy sulfuric odor.
There is some good news though~ The IRS is giving a helping hand to those taxpayers who have suffered a loss due to corrosive drywall.
The service is allowing those who have paid for repairs to their homes, due to corrosive drywall, to treat these costs as a casualty loss on their tax return.
This will at least offer some relief to homeowners who have had this sulfuric headache! http://www.
IRS.
gov states the following: Revenue Procedure 2010-36 provides the following relief:
- Individuals who pay to repair damage to their personal residences or household appliances resulting from corrosive drywall may treat the amount paid as a casualty loss in the year of payment.
For example, if you received or plan on receiving any insurance proceeds for these damages, then you may not qualify or may be limited on how much you can deduct as a loss.
If you have a casualty loss of any kind, it's generally a very good idea to seek out professional tax preparation from a reputable and licensed preparer~such as an Enrolled Agent or a CPA.