WASHINGTON, D.C. (WWLP) – The Internal Revenue Service is extending the time period that homeowners have to claim crumbling foundation related repairs on their federal taxes. Under the guidance issued Thursday, homeowners will now have through the end of 2020 to make qualified repairs to their home and until April 2021 to claim those repairs on an amended 2017 federal tax return.
The announcement was issued by the offices of Rep. Joe Courtney (CT), Rep. John Larson (CT), and Rep, Richard Neal (MA), who represent communities in Connecticut and Massachusetts where the issue of crumbling foundations has impacted hundreds of homeowners.
“The IRS has indicated that they will allow a deduction for repairs well into the year 2021,” said Congressman Neal.
The issue of crumbling foundations has impacted hundreds of homeowners in both Massachusetts and Connecticut. Congressman Neal said he’s been talking to Massachusetts Attorney General Maura Healy and the Insurance Commissioner.
Homeowners have found that insurers have changed their policies so they don’t cover the problem.It’s been estimated that as many as 30,000 homes in Connecticut could be affected by the crumbling foundation problem, and now dozens of homeowners in Massachusetts have come forward with similar complaints.
The problem was traced back to the now out of business J.J. Mottes construction company and a mineral found in a quarry in Willington, Connecticut.Click here to read the updated revenue procedure.