On Wednesday, lawmakers released a letter sent to them from the Internal Revenue Service regarding the impact of the new tax law on these foundations.
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“As the IRS confirmed in its letter, qualified taxpayers who paid to repair damage to their homes in 2017 or in prior open tax years will still able to deduct the cost of those repairs as a casualty loss on their 2017 returns. This is welcome confirmation for those homeowners who have already completed repair work on their homes and will soon begin to prepare their taxes,” said Reps. Larson and Courtney.
It is not yet clear if deductions will be available to homeowners who complete repairs in 2018 and on future dates.