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Tax relief sought for homeowners removing toxic drywall

Tax relief may be coming for homeowners whose houses were built with toxic drywall from China. U.S. Rep. Rob Wittman, R-Westmoreland, introduced The Toxic Drywall Homeowner Relief Act, which
would provide a tax deduction of up to $20,000 a year for costs to remove and replace toxic drywall and degraded electrical system components and appliances in a primary residence. The act also allows a tax deduction of up to $1000 per month for the cost of living in an alternate residence.

Read IRS Rules Carefully Before Taking a Home-Office Deduction

Regular columnist and DC lawyer, Benny Kass recently tackled the tricky topic of claiming a tax deduction for a home office:

"You may be entitled to a home-office deduction, but before you take it, talk the decision through with your own tax adviser. When you sell the property, you may have to recapture some of your deductions -- that is, pay back the government." Continue reading at the Washington Post.

Posted on Saturday, April 11, 2009 - 12:00am