It is being reported by Kiplinger and other reliable sources that the IRS may be giving a tax break for anyone dealing with defective Chinese drywall.
As we’ve been reporting over the last few months, the Chinese drywall problem is getting bigger and involves a lot of homeowners and real estate investors who bought or built since 2005.
The defective drywall is reported to be corroding appliances and wiring while also polluting the homes.
Sen. Bill Nelson of Florida has been at the forefront of this problem and has fought for the casualty loss deduction for defective drywall.
This means that the IRS will most likely give the deduction, although there is still a lot of paperwork involved if you qualify.