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Congressman John Larson

Representing the 1st District of Connecticut

Larson, Courtney Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations

October 17, 2018
In The News

Congressman John B. Larson (CT-01) and Congressman Joe Courtney (CT-02) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling foundations. First, the IRS has announced that they will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their annual tax liability. This clarification means that even if the net loss suffered by a homeowner exceeds their annual federal tax liability, they can carry forward that loss for up to 20 years. 

Letters from IRS of recent tax relief:

The CT Society of CPAs:

https://larson.house.gov/sites/larson.house.gov/files/CT%20CPAs_Net%20Operating%20Loss%20Letter.pdf

Letter to Commissioner Kautter from Larson and Courtney

https://larson.house.gov/sites/larson.house.gov/files/2018-08-07%20--%20Letter%20to%20Treasury%20on%20Net%20Operating%20Loss%20Clarification.pdf

Department of Treasury Response Letter:

https://larson.house.gov/sites/larson.house.gov/files/Letter%20to%20Rep%20Larson%20etrak%202018-06554.pdf

 

In the news:

http://www.wnpr.org/post/tax-relief-extended-conn-homeowners-crumbling-foundations

https://www.wtnh.com/news/connecticut/irs-allowing-homeowners-with-crumbling-foundations-chance-to-carry-forward-net-operating-loss/1528505603

IRS Extends Time for Homeowners To Deduct Full Cost of Repairs from Crumbling Foundations (Hartford Courant)

Homeowners with crumbling foundations who make repairs will be allowed to deduct the cost from their taxes for up to 20 years under a new ruling by the Internal Revenue Service. (Click for Full)

Seven Takeaways from Congressional Candidates' Campaign Finance Reports (Hartford Courant)

(Click for full)

Big news for people suffering with crumbling concrete and need assistance with cost of repairing their homes (NBC CT)

(Click to Listen)