Courtney, Larson meet with Treasury Secretary about tax exemptions for crumbling foundations
Courtney and Larson had written to Mnuchin earlier in the year to discuss relief for homeowners. They requested an IRS “revenue procedure” — a guidance document that, if approved, would allow homeowners to deduct foundation repair costs from their federal taxes.
“After meeting with Secretary Mnuchin and his staff today, it is clear that they are engaged on this issue and understand the urgent situation facing residents in Connecticut,” said Larson and Courtney. “After laying the groundwork for possible coordination on crumbling foundations with the National Taxpayer Advocate earlier this year, and the Secretary during an appearance before the House Ways and Means Committee, we are pleased that he took time to meet with us once again to discuss the situation facing homeowners in our districts.
Citing the precedent of IRS assistance to homeowners affected by corrosive Chinese drywall in 2010, Courtney and Larson are seeking IRS guidance to allow a casualty deduction related to the longer-term damage suffered by homeowners with crumbling home foundations.