New IRS rule offers tax relief to drywall victims
Source: Press release
Tax Agency Announces Instructions to Help Offset Costs of Repairing Corrosive Drywall
WASHINGTON, D.C. – U.S. Senators Thad Cochran and Roger Wicker (R-Miss.) today suggested that Mississippians consult a new federal procedure that provides favorable tax relief for property losses associated with corrosive drywall.
The Internal Revenue Service (IRS) has issued guidance for affected homeowners who have experienced the harmful effects of corrosive drywall, much of it imported from China following Hurricane Katrina, Hurricane Rita and subsequent storms.
IRS Revenue Procedure 2010-36 outlines how damage repair costs related to corrosive drywall, including metal corrosion and other damage, can be treated as a casualty loss. The guidelines also provide a “safe harbor” formula for determining the amount of the loss.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Molpus closes Fund after more than $662M in commitments
- Realtors chooses Nita Wingard
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- No debate, but Cochran and Childers lobby for votes for Senate
- Entergy agrees to cut $35M from its new rate plan
- Politics of paying for transportation: Hand wringing and a lot of talk
- MSU reminding fans that drones are prohibited at football games
- Ford Foundation gives to UM for new science building
- Kemper County plant will cost at least another $496M to complete