Journal Inquirer: Courtney, Larson seek concrete foundation help from Treasury Department
U.S. Reps. Joseph D. Courtney and John B. Larson say they're optimistic that homeowners with crumbling foundations will be provided tax relief for repairs following a meeting Monday with Treasury Secretary Steven Mnuchin.
The congressmen met with Mnuchin and Secretary for Tax Policy David Kautter at the Treasury Department headquarters in Washington, D.C., to discuss their request for an IRS "revenue procedure" — a guidance document that could allow homeowners to deduct foundation repair costs from their federal taxes.
Current law allows taxpayers to deduct a casualty loss from their income if they incur a sudden loss, but the congressmen are hoping the IRS can provide the same assistance the agency granted to Florida homeowners affected by corrosive Chinese drywall in 2010.
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