Thousands of homeowners have reported issues with defective drywall, placing a financial strain on many Americans. To provide some financial relief, the government recently announced it will offer a tax break to homeowners with problematic drywall, allowing them to deduct repair costs, according to The New York Times. Appliances that were damaged due to the drywall will also be tax-deductible.
Defective drywall has been known to cause illnesses in many homeowners. Some consumers have seen damage to their air conditioners, electronic equipment and wiring from bad drywall fumes. The cost of repairs could exceed $100,000, The Times reports. Under the new rules, taxpayers must itemize the deduction and can only claim the benefit if the repair costs exceed $500.
"This is welcome and long overdue news," Florida Senator Bill Nelson told The Times. "This tax relief is just another important step to help drywall victims piece their lives back together."
Consumers with drywall problems should consult with their tax preparer prior to making repairs to determine what type of information they should save. Consulting with a financial professional will also allow homeowners to determine whether they need to take additional steps to claim benefits.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.