Larson Statement on New IRS CFSIC Guidance
Washington, D.C. – Today, Rep. John B. Larson (CT-01) applauded the Internal Revenue Service’s (IRS) new guidance clarifying their November announcement for homeowners with crumbling foundations who have received assistance from the Connecticut Foundations Solutions Indemnity Company (CFSIC). The guidance can be found here.
“The latest guidance from the IRS confirms its November announcement that homeowners in Connecticut will not have to pay taxes on assistance they receive from the Connecticut Foundations Solutions Indemnity Company (CFSIC) to make repairs due crumbling foundations, unless they have already deducted those expenses from their tax returns. I’m glad that the IRS has further clarified this guidance, and I applaud Rep. Joe Courtney for his work on this issue,” said Larson.