Tax break for victims of crumbling foundations may be short lived
HARTFORD — A tax deduction for hundreds of homeowners dealing with crumbling foundations may not last very long.
In a letter to Connecticut lawmakers, the IRS confirms that qualified taxpayers who paid to repair their foundations in 2017 or in some prior years will be able to get a deduction as a casualty loss on their 2017 returns.
However, in light of the new tax laws, it’s not clear yet if the deduction will be available for homeowners who do their repairs in 2018 or beyond.
The Department of Consumer Protection has received 664 complaints from homeowners in central and eastern Connecticut who say they have crumbling foundations.
Rep. John Larson and Rep. Joe Courtney will hold a public town hall meeting in Manchester to discuss local residents’ concerns about the newly passed tax overhaul – the largest such change in tax law in nearly 30 years.
The event will be held at 2 p.m. on Saturday 13 at the AST Center at Manchester Community College, 60 Bidwell St, Manchester (guests should park in the West Lot)