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Tax Relief for Crumbling Foundations: Easier Loss Deductions

This act makes it easier for citizens to recover money for losses caused by crumbling home foundations. It removes temporary limits on deducting such losses from taxes and extends the time to file a claim for a tax refund. This means affected individuals can expect greater financial support.
Key points
Elimination of the temporary limitation on personal casualty losses, allowing full deduction of home damage-related losses.
Extension of the claim filing period from 3 to 4 years for losses incurred in 2017, providing more time to seek refunds.
Changes apply to losses incurred after December 31, 2017, covering current and future foundation damage cases.
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Additional Information
Tax Assistance for Crumbling Foundations Act
Print number: HR 802
Sponsor: Rep. Courtney, Joe [D-CT-2]
Process start date: 2021-02-04