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Casualty-Loss Deduction Possible for Some Chinese Drywall Homeowners | cialis online

Casualty-Loss Deduction Possible for Some Chinese Drywall Homeowners

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If your home has been damaged because of  Chinese drywall , the IRS has good news for you.  You may be eligible to take a casualty-loss deduction on their federal taxes.

Gases emitted from Chinese drywall are being blamed for significant property damage, including damage to HVAC systems, smoke detectors, electrical wiring, metal plumbing components, and other household appliances. These gases also produce a sulfurous odor that permeates homes, and cause metals, including air conditioning coils and even jewelry, to corrode. People living with Chinese drywall have also suffered eye, respiratory and sinus problems that may be linked to the gases.

Tests recently released by the Consumer Products Safety Commission CPSC of 51 homes confirmed that the presence of hydrogen sulfide is the essential component that causes copper and silver sulfide corrosion found in Chinese drywall homes.  However, the agency is still trying to determine if the drywall poses any long-term health risks.

To be eligible for a casualty-loss deduction, a homeowner must be able to provide “expert” documentation of sudden, unusual and unexpected damage from Chinese drywall.  Documentation of damage is essential, and the mere presence of Chinese drywall in a home is not enough to qualify to take the deduction.  Also, homeowners who have a reasonable expectation of reimbursement through their insurance or some other source would not be eligible for a casualty-loss deduction.

So far, the Consumer Products Safety Commission (CPSC) has received 2,276 reports from residents in 32 states, the District of Columbia, and Puerto Rico concerning Chinese drywall. It is estimated that as many as 40,000 homes nationwide could contain Chinese-made wallboard.

It is estimated that it could cost as much as $100,000 to remediate a home with Chinese drywall, as doing so likely requires gutting a building to its bare studs.  Lawmakers and advocates for Chinese drywall victims have been trying to devise ways to get financial help to homeowners.  Earlier this month, the U.S. House of Representatives overwhelmingly passed H. Con. Res. 197, which  encourages mortgage lenders to provide temporary forbearance to Chinese drywall victims forced out of their homes so that they can avoid foreclosure.  On November 10, the U.S. Senate unanimously passed a similar resolution.

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