In Ellington, Courtney Holds Seminar For Homeowners To Learn More About The IRS Casualty Loss Deduction For Crumbling Foundation Repairs
(Norwich, CT) —Today, Congressman Joe Courtney (CT-02) held a seminar Internal Revenue Service (IRS) Senior Stakeholder Liaison from the Connecticut Taxpayer Advocate’s Office, Joseph S. McCarthy, for homeowners to learn more about the IRS Casualty Loss Deduction for crumbling foundation repairs.The event took place at Ellington High School with nearly 100 resdients in attendance.
“While Congressman Larson and I originally announced that the IRS was going to make this tax relief available late last year, many people are still just learning about the program and the fact that it will be available until 2021,” said Courtney. “Local residents should be aware that the additional three years afforded under this updated guidance we received in February will provide critical time for to make foundation repairs and secure federal tax relief. I would like to thank the Office of the Connecticut Taxpayer Advocate and Congressman John Larson for their participation today.
“Our offices will conducting a similar IRS webinar on Monday for tax preparers and CPAs. We will be following up after both events to continue to disseminate accurate information as far and wide as possible.”
In November 2017, Courtney and Rep. John Larson (CT-01) announced the approval of federal tax relief for homeowners impacted by crumbling home foundations. The relief was released through an IRS “revenue procedure,” following nearly 19 months of work between the two members and the IRS.
In February 2018, the members announced updated guidance from the IRS that extends the period of time that homeowners will have to claim crumbling foundation repairs on their federal taxes. Under that guidance, homeowners will have through the end of 2020 to make qualified repairs to their home and until April 2021 to claim those repairs on an amended 2017 federal tax return.