Insurance Dispute Lawyer Blog
As a show of solidarity with constituents and Gulf Coast residents regarding the Chinese drywall debacle, several members of Congress have stepped up to the plate and petitioned the IRS to buffer the tax expenses of those individuals who have suffered from the faulty wallboard. The effort is a practical step forward to make a very real difference in the lives of those affected while lawsuit matters and legislative measures can take months, if not years, to create change.
Aaron Kessler of the Herald Tribune reports
Three U.S. senators, including Florida Democrat Bill Nelson, and a U.S. congressman have written to the Internal Revenue Service asking that costs incurred by homeowners who have fallen victim to Chinese drywall should be deductible for federal tax purposes.
The letter, sent Tuesday, asks the IRS to clarify whether section 165(h) of the tax code — which allows taxpayers to deduct “casualty losses” suffered as a result of an unexpected event such as a fire, storm or theft — could apply Chinese drywall victims.
The letter argued that “many homeowners with these drywall-related problems are facing the immediate issue of paying for alternative accommodations as well as the mortgage on their damaged home. As you can imagine, most families cannot bear the costs associated with maintaining two homes — especially in this economy.”
A very practical way to assist those people who have often been forced to move if not simply suffer through the health issues relating to Chinese drywall, one can only hope the IRS takes this initiative and runs with it. For more information on the health symptoms relating to Chinese drywall, click here or find out more on the topic in general through this blog’s Chinese drywall section.