IRS: tax break for homeowners with Chinese drywall

Published 5:45 pm Thursday, October 7, 2010

Taxpayers with homes damaged by tainted Chinese drywall are getting a bit of help from the Internal Revenue Service.

The IRS says it will give tax breaks to homeowners who suffered property losses due to bad Chinese drywall installed in their homes between 2001 and 2009. The IRS says repairs to homes and household appliances can be treated as casualty losses. People can file amended tax returns to claim the deduction.

Chinese drywall was installed in thousands of homes across the nation, including in Florida, Mississippi and Virginia. It has caused problems ranging from a foul odor to corrosion of pipes and wiring.

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