Tax Relief Extended For Conn. Homeowners With Crumbling Foundations
Some more good news for Connecticut homeowners who are struggling with crumbling foundations -- many will now be able to deduct the cost of repairs from their federal taxes over the next two decades.
The IRS had previously specified that homeowners who had identified the problem before January of this year could claim, but may not have been able to carry losses forward to subsequent years.
But Second District Representative Joe Courtney says new guidance now allows them to set losses against their tax bill for a lot longer.
“And what that means basically is that taxpayers of more modest means, more middle class taxpayers, and whose marginal tax rate is really not that great in any specific year - by spreading that out it basically allows people of more modest means access to the benefit,” he explained at a press conference in Hartford.
Many homeowners have had their repairs estimated at upwards of $150,000 dollars.
State help is also on the way; this week, a website launched showing homeowners how they could claim back money from a state-sponsored fund to reimburse repairs.
There’s as yet no good estimate of how many homes may be affected by the faulty concrete, but it could be in the tens of thousands. The materials were quarried from a single site in Willington over decades.
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