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Information For Homeowners With Crumbling Foundations
In recent years, more and more homeowners in our region have discovered that their home foundations are crumbling due to the presence of a mineral called pyrrhotite in the stone aggregate originally used to mix the concrete. -
Courtney Remarks on Net Neutrality
Representative Courtney delivers remarks opposing the FCC's decision to repeal Title II net neutrality rules. -
Tax Relief for Crumbling Foundations
Congressman Joe Courtney (CT-2) and John Larson (CT-1) announced approval of new federal tax relief for homeowners dealing with crumbling foundations. The relief, released through an Internal Revenue Service (IRS) “revenue procedure,” follows nearly 19 months of work by the two members to request the help. Read more here. -
Courtney Votes No on GOP Tax Plan
Congressman Joe Courtney (CT-2) today voted against the House tax plan. During debate on the bill last night, Courtney highlighted the impact of the measure on efforts to fill jobs through job training, higher education support and other efforts to close the national “skills gap.”
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“We want to get the word out that IRS will be holding a free webinar that tax preparers and homeowners can learn more about recent development on tax deductions for foundation repairs,” said Courtney and Larson. “Last week, we announced that the IRS has made it clear that homeowners can “carry forward” or “carry back” a net operating loss under the casualty loss deduction for crumbling foundations repairs. This clarification means that even if the net loss suffered by a homeowner exceeds their annual tax liability, they can carry forward the loss for up to 20 years and can carry back for two years. This development will provide significant help for middle-class homeowners, and we want to get the word out about how they can start using this deduction when they go to file next spring.”
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“Today, the federal government has once again said ‘yes’ to helping homeowners struggling with the cost and damage of crumbling foundations. This clarification of the tax revenue procedure that we announced last year is going to have significant implications for middle-class homeowners whose repair costs exceed their annual income,” said Courtney and Larson. “It also builds on the critical development we announced last year that the IRS would allow homeowners to claim a casualty loss on their 2017 return to recoup the costs of repairing a home foundation.
Third-quarter data released by the Eastern Connecticut Association of Realtors last week shows that single-family home sales in New London and Windham counties are up over last year, which CEO Susy Hurlbert takes as a sign of increased buyer confidence.
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