Parker Waichman LLP

Tax Relief Sought for Chinese Drywall Victims

Victims of defective Chinese drywall should get tax relief, some U.S. lawmakers say. According to a report on BradentonHerald.com, the lawmakers have asked the Internal Revenue Service (IRS) to allow homeowners to deduct Chinese drywall-related losses on their federal income-tax returns. Homeowners in several states have complained that fumes from Chinese-made drywall produce a “rotten […]

Victims of defective Chinese drywall should get tax relief, some U.S. lawmakers say. According to a report on BradentonHerald.com, the lawmakers have asked the Internal Revenue Service (IRS) to allow homeowners to deduct Chinese drywall-related losses on their federal income-tax returns.

Homeowners in several states have complained that fumes from Chinese-made drywall produce a “rotten eggs” odor and cause metals, such as air conditioning coils, to corrode. The fumes have also been associated with respiratory and sinus problems in some residents. According to a recent Wall Street Journal article, the U.S. imported roughly 309 million square feet of drywall from China during the housing boom from 2004 to 2007.

Last month, the Environmental Protection Agency (EPA) released results of tests it conducted that compared Chinese drywall to American-made material. The tests found sulfur and two organic compounds associated with acrylic paint in the Chinese drywall that were not present in the American wallboard. The agency said more testing is needed to determine if any of the compounds found in the Chinese drywall are responsible for problems reported by homeowners.

The Chinese drywall problem is proving costly for homeowners. They have had to shell out big bucks to replace things like corroded air conditioning coils, and usually the drywall has to be removed and replaced. Often homes are uninhabitable, forcing homeowners to pay for an additional rental, while they still must pay a mortgage on an empty home. According to BradentonHerald.com, the potential losses could reach into the millions of dollars.

Sen. Bill Nelson of Florida, and Sens. Mark R. Warner and Jim Webb, and Rep. Glenn Nye, all of Virginia, have written the IRS seeking some financial relief for homeowners, BradentonHerald.com said. They want the IRS to clarify if a section of the tax-code applies to damages from Chinese drywall. The section in question allows taxpayers to deduct property losses suffered as a result of an unexpected event, such as a fire or storm, BradentonHerald.com said.

“If this deduction applies, it would help alleviate our constituents’ federal tax burden during this time of crisis,” the letter said.

What Our Clients Say About Us
We have worked with thousands of clients and we appreciate them and their positive reviews. Here are just a few recent client reviews...
5 Star Reviews 150
I used Parker waichman for my wtc victim compensation suit. They were amazing. They did everything for me and the staff was extremely friendly and knowledgeable of all my needs. I highly recommend parker waichman to anyone who needs legal advice or service.
paulsr
a month ago
5 Star Reviews 150
Best support. Best answer. Believe me i am a physical therapist who can meet a lot of lawyers. But, this team especially Jessie, she handles matter with responsibilities for what we are looking for. This is one we are looking for. I deeply touched. Best ever!!
Jiae Kim
4 years ago
5 Star Reviews 150
karen otto
5 years ago

Why Choose Us to Help You?

We Take Care of Everything
Your situation is stressful enough: Let us take on the deadlines, paperwork, investigation, and litigation. We'll handle every detail so you don't have to worry.
No Recovery = No Legal Fees
We work on a contingency-fee basis, meaning that we only get paid from a portion of your settlement or jury award. If you don't get compensation, you owe us nothing.
Decades of Experience
Your situation is stressful enough: Let us take on the deadlines, paperwork, investigation, and litigation. We'll handle every detail so you don't have to worry.
Respected by Our Peers
Judges, insurance adjusters, and fellow attorneys all speak highly of our skills, and we've earned numerous accolades, including a flawless rating from AVVO.
We Have Many Locations To Serve You
We have the experience and the skilled litigators to win your case. Contact us and speak with a real attorney who can help you.
Long Island – Nassau
Parker Waichman LLP
6 Harbor Park Drive
Port Washington, NY 11050
Long Island – Suffolk
Parker Waichman LLP
201 Old Country Road – Suite 145
Melville, NY 11747
New York
Parker Waichman LLP
59 Maiden Lane, 6th Floor
New York, NY 10038
Queens
Parker Waichman LLP
118-35 Queens Boulevard, Suite 400
Forest Hills, NY 11375
Brooklyn
Parker Waichman LLP
300 Cadman Plaza West
One Pierrepont Plaza, 12th Floor
Brooklyn, NY 11201
New Jersey
Parker Waichman LLP
80 Main Street, Suite 265
West Orange, NJ 07052
Florida
Parker Waichman LLP
27299 Riverview Center Boulevard
Suite 108
Bonita Springs, FL 34134
Nationwide Service
Parker Waichman LLP
59 Maiden Lane, 6th Floor
New York, NY 10038