2010-12-03
Property Damage from Corrosive Drywall
Did you ever suffer property damage due to corrosive drywall? The Internal Revenue Service has issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables you to treat damages from corrosive drywall as a casualty loss and provides a “safe harbor” formula for determining the amount of the loss.
You can claim a loss of 75% of the unreimbursed amount paid during the tax year to repair damage to your residence and household appliances from corrosive drywall.
Padgett Business Services December 2010, Vol. 8, No.12
To learn more about tainted drywall, such as how to spot it and some history, check out our website!
Labels: Chinese Drywall, corrosive drywall
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