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IRS Extends time for Individuals to pay for damage to personal residence.

Posted by Juda Gabaie | Feb 20, 2018 | 0 Comments

Revenue Procedure 2018-14 extends the time for individuals to pay to repair damage to their personal residences. Most importantly for affected homeowners, for damage resulting prior to 2018, if a taxpayer pays to repair the damage prior to the last day for filing a timely Form 1040X for the 2017 taxable year, the taxpayer may treat the amount paid as a casualty loss on a timely filed form 1040X for the 2017 taxable year.

Rev. Proc. 2017-60 provided a safe harbor that allows an individual to deduct the amounts paid to repair damage to his or her personal residence caused by deteriorating concrete foundations containing the mineral pyrrhotite. Seek a Tax Professional who can guide you for the most appropriate deduction.

About the Author

Juda Gabaie

Juda Gabaie Esq. has dedicated his career in defending clients nationwide to resolve tax disputes before the Internal Revenue Service and the state taxing agencies. Juda has represented clients before the US Tax Court, Maryland Tax Court, and Comptroller of MD hearing compliance. As an adjunct prof...

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