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Congressman Joe Courtney

Representing the 2nd District of Connecticut

Courtney, Larson Announce Free IRS Webinar on Deduction for Crumbling Foundations

October 22, 2018
Press Release

(Norwich, CT) - Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that IRS Stakeholder Liaison will be conducting a free webinar on Wednesday, October 24, at 10:00 AM for tax preparers and homeowners to learn more about deducting the cost of crumbling foundations repairs from federal taxes. Last week, Courtney and Larson announced that the IRS had issued a clarification 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.

“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.”

The web conference will feature a discussion of the qualifying rules for claiming casualty losses related to deteriorating concrete foundations caused by the mineral pyrrhotite; including an overview of Rev Proc 2017-60.  Also, a discussion of the deductibility of payments after 2017 made to repair these foundations as found in Rev Proc 2018-14. Payments made in 2018 and beyond may still be deductible as casualty losses.

The webinar will take place on Wednesday, October 24, at 10:00 AM. The IRS has provided a link where tax preparers and homeowners can register to participate in the free event.

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