IRS: Tax relief remains available for those with crumbling foundations

In this April 11, 2017 photo, numerous cracks run through a basement wall of Tim Heim's home in Willington, Conn. Home foundations in a part of the state are failing because of the presence of the mineral pyrrhotite in the concrete, and a growing number of homeowners are seeking financial relief from their town. (AP Photo/Susan Haigh)

WASHINGTON (WTNH) — Tax relief for 2017 remains available for homeowners dealing with crumbling foundations in their houses, according to to U.S. Representatives Joe Courtney and John Larson.

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.

Related Content: State opens applications for reimbursement of crumbling foundation testing

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