IRS Issues Guidance For Drywall Damage

10/26/2010

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The Internal Revenue Service recently issued guidance for homeowners who had suffered property losses due to the effects of imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 allows taxpayers to regard corrosive drywall damages as casualty loss, as well as provides a formula for determining the amount of the loss.

In many instances, homeowners have reported the blackening or corrosion of copper electrical wiring and copper components of household appliances, as well as the presence of sulfur gas odors. In 2009, an indoor air study conducted by the Consumer Product Safety Commission (CPSC) linked the problem imported drywall with the levels of hydrogen sulfide and the corrosion of metals in the 51 homes examined.

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