Drywall tax relief

Drywall victims could get tax relief

WASHINGTON, D.C. – The Internal Revenue Service has declared that residents whose homes have been severely damaged by Chinese drywall may qualify for special tax deductions.

Homeowners may be able to claim a casualty loss on their tax returns if they have Chinese drywall that emits an unusual or severe concentration of chemical fumes that causes extreme and unusual damage.

Generally, the amount of such a deduction is the difference between the value of the house before and after the sudden, unexpected or unusual event causing the damage. In other words, qualifying taxpayers may be eligible to claim tens of thousands of dollars on their tax returns for the damage Chinese drywall has caused them.

Tainted Chinese drywall has been found in homes in abundance in Florida and also in 20 other states. It contains materials suspected of corroding electrical wiring and components of air-conditioning and other household appliances.

The drywall also is linked to health problems for homeowners and their families, including respiratory problems and insomnia. Some homeowners have been forced to relocate and pay for a new home in addition to the mortgage on their tainted house.

“This is coming as some relief to these families,” according to U.S. Senator Bill Nelson, D-Florida. “Considering the terrible circumstances they have had to endure, it’s only right that they are given special consideration.”

While the majority of reports about Chinese drywall come from Florida, Louisiana and Virginia, problems have proved to be widespread with reports coming from 18 other states and the District of Columbia, according to the U.S. Consumer Product Safety Commission, which began investigating in February at Nelson’s request.

Read more about problems with imported drywall here

Client Reviews
★★★★★
Mike has given us peace of mind! He helped negotiate down a large balance and get us on a payment plan that we can afford with no worries! The stress of dealing with the IRS is huge and Mike helped us through it all. The peace of mind is invaluable, thank you Mike!April S.
★★★★★
Mike Habib - Thank you for being so professional and honest and taking care of my brothers IRS situation. We are so relieved it is over and the offer in compromise process went just as you said. Mike is very professional and will give you honest answers to the OIC process and you can really trust him. You won't be sorry you chose him!Joe and Deborah V.
★★★★★
Mike is a true professional. He really came thru for me and my business. Dealing with the IRS is very scary. I'm a small business person who works hard and Mike helped me see that they are not that scary after all. He was always there with the answers I needed and was very good about calling me back which I appreciated since your first reaction is to freak out and ask a million questions. He solved a messy case and worked very hard to resolve it. His rates are VERY reasonable for the amount of work he does! I give him my highest recommendation!Marcie R.
★★★★★
Mike was incredibly responsive to my IRS issues. Once I decided to go with him (after interviewing numerous other tax professionals), he got on the phone with the IRS immediately (as in the same day I signed with him) to squash an impending issue. And he worked directly with them to quickly come to a resolution I am very happy with. I'd highly recommend reaching out to Mike to see if he can help you with any IRS issues. I'm very satisfied!Marshall W.
★★★★★
I’ve seen and heard plenty of commercials on TV and radio for businesses offering tax help. I did my research on many of them only to discover numerous complaints and unresolved tax issues. I found Mike Habib through my own online search and contacted him. He was very professional with great communication, always answering my questions and concerns. Mike resolved my complicated tax problem just as he said he would. I would definitely recommend his services to family and friends.Nancy & Sal V.

BBB Accredited Business
Trust Link
California Society of Enrolled Agents
NAEA
NATP
Enrolled Agent