cialis online

IRS Says Tax Help May Be Available for Chinese Drywall Victims

AddThis Social Bookmark Button

It appears that there could soon be some tax help available for victims of defective Chinese drywall.  HeraldTribune.com is reporting that the Internal Revenue Service (IRS) says that victims of Chinese drywall might qualify for a casualty loss on their taxes because of the corrosion of pipes, air-conditioning and electrical appliances caused by gases released by the Chinese drywall.

Sen. Bill Nelson (D-Florida) told HeraldTribune.com that families affected by the Chinese drywall might now be able to take a deduction worth tens of thousands of dollars.

According to a letter from the IRS’s associate chief counsel to Nelson and two other U.S. Senators, Section 165 of the IRS Code allows a casualty loss – a loss suffered from an unexpected event like a fire – deduction in some circumstances.  “The amount of their casualty loss is the difference between the fair market value of their home immediately before and immediately after the casualty, limited to the adjusted basis of their home,”  the letter said.

Under the rule, however, affected homeowners would not be able to deduct costs such as paying for another home or apartment, HeraldTribune.com said.

Lennar Homes says 400 of its Florida homes have problems with Chinese drywall.  According to a report in The Wall Street Journal, the Miami-based builder said on Friday that it hasn’t found any defective  Chinese drywall in homes it built outside of the state, and said it can’t “reasonably estimate its future exposure” to the problem.

Recently, the Consumer Products Safety Commission (CPSC) reported that it had received more than 600 complaints related to the drywall issue from 21 states and the District of Columbia.  As we’ve been reporting for months now, homeowners living with Chinese drywall have reported that it fills homes with a putrid, “rotten-eggs” odor and cause metals to corrode. Some have complained of sinus and respiratory problems that occur while they are in their homes. Many families have had to leave their homes, and in most instances, buildings must be gutted and the drywall replaced to fix the problem.

According to tests conducted by the Environmental Protection Agency (EPA), ) Chinese drywall samples were found to contain sulfur and two organic compounds associated with acrylic paint in that were not present in the American wallboard. Recently, new concerns were raised that some Chinese drywall could also be radioactive. According to an LA Times investigation, some Chinese drywall manufacturers use phosphogypsum – a radioactive phosphorous substance – to make wallboard. At least four firms told the Times that drywall made with phosphogypsum was shipped to the U.S. in 2006.

According to The Wall Street Journal, the figures reported by Lennar were as of May 31.   The builder said it has set aside $39.8 million to repair the homes. It also has $20.7 million receivable for covered damages under its insurance policies, the Journal said.

« »

Leave a Reply

You must be logged in to post a comment.

NEWS CATEGORIES

GOVERNMENT NOTICES

ARCHIVES


Defective Johnson & Johnson Depuy ASR Hip Implants

The Johnson & Johnson Depuy ASR Hip Implant is suppose to last 15 years, but can fail in only a few years after surgery. Victims with faulty hip implants endure excruciating pain, pain in the groin, death of tissue in the hip joint and loss of surrounding bone. GET ALL THE FACTS NOW! CLICK HERE!
defective-hip-replacement.com

CAT Scans Radiation Exposure

If you had a CT or CAT scan and now have a band of missing hair, skin reddening or any other problems possibly related to a radiation overdose, you may have been exposed to much radiation due to incorrect settings on these machines. CONTACT US TODAY!
CAT-Scans-Radiation-Exposure.com

Water Contamination From Fracking

Hydraulic Fracturing of Fracking a way to extract natural gas from shale is contaminating water supplies across the country. Get the facts to keep your drinking water safe for your family.
WaterContaminationFrom Fracking.com

Overexposure to PCBs

Many people unknowingly have been exposed to high levels of PCBs. Recently 3 schools in NY City were found to have dangerous levels of PCBs throughout. Many workers for Monsanto, General Electric, and Westinghouse were exposed to high levels of PCBs. PCBs are a dangerous toxic substance that doesn't break down easily and can cause chloracne, bleeding and neurological disorders, liver damage, spontaneous abortions, malformed babies, cancer, and death. GET THE FACTS!
Overexposure to PCBs.com

Great Photography

Tallis Photo, the number one photographer for great corporate, wedding, and special occasion photos. CONTACT US TODAY!
TallisPhoto.com

Poligrip Lawsuit

Super Poligrip or Fixodent May Cause Nerve Damage. 800-LAW-INFO
Poligrip-Lawsuit.com

Personal Injury Lawyer Nassau County

If you or someone you love was injured CONTACT US TODAY!
Nassau-Personal-Injury-Lawyer-Online.com

Nursing Home Blog

When a loved one is abused at a nursing home, it is time to take action. STOP nursing home abuse!
nursing-home-blog.com

Car Accident Lawyer Nassau County

If you or someone you love was injured in an auto accident CONTACT US TODAY!
www.nassau-car-accident-lawyer-online.com

Suffolk County Auto Accident Lawyer

If you or someone you love was injured in an auto accident in Suffolk County, NY CONTACT US TODAY!
www.suffolk-car-accident-lawyer-online.com

Don't Be Denied Veterans Benefits

If you or someone you love was denied veterans benefits CONTACT US TODAY!
www.veterans-benefits-denial.com

Oil Rig Spills Lawyer

Oil Rig Spills harm the environment and cause heavy losses to coastal game and fishing industries, as well as a loss of waterway usage, resulting in a loss of income to individuals and businesses, and a loss of beach front usage. Don't let a spill cause you harm, CONTACT US TODAY!
www.oil-rig-spills.com

Whistle Blower

Stand up and say what you think is right. See something, say something.
whistlebloweradvisor.com