Today, September 30, 2010, the IRS announced that they will be providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009.
 
In many instances, homeowners have reported that certain imported drywalls have produced sulfur gas odors and  blackening or corrosion of copper electrical wiring and copper components of household appliances. These problems are an absolute nuisance to homeowners, and of course should never happen.
 
If homeowners have decided to pay out of pocket to have the problem fixed, they may treat the amount paid as a casualty loss in the year of payment. 
 
Already filed your tax return for the year? You have generally 3 years to file an amended return and claim a deduction. The amount of a loss that may be claimed depends on whether the taxpayer has a pending claim for reimbursement
 
Still have questions? You can get more information at www.irs.gov, and search for the section Revenue Procedure 2010-36. For more information on the South Florida Lifestyle please contact Chris and Natascha Tello.
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