IRS PROVIDES RELIEF - Revenue Procedure 2010-36 provides as follows: Individuals who pay to repair damage to their personal residences or household appliances resulting from corrosive drywall may treat the amount paid as a casualty loss in the year of payment. Taxpayers with pending claim (or intends to pursue
reimbursement), a taxpayer may claim a loss for 75 percent of the unreimbursed amount paid during the taxable year to repair damage to the taxpayer’s personal residence and household appliances that resulted from corrosive drywall.
April 2, 2010: NEW ORLEANS - Thousands of U.S. homes tainted by Chinese drywall should be gutted, according to new guidelines released Friday by the Consumer Product Safety Commission... (more)
What is Chinese Drywall?
The term "Chinese Drywall" (or tainted drywall or wallboard) refers to drywall imported from China from 2001 to 2007 and installed in homes as late as 2009 which contains contaminants that are emitting gases and usually (but not always) create a noxious odor and corrode copper and other metal surfaces, thereby damaging your air conditioner, electrical wiring, copper plumbing, appliances and electronics. Corrosion of electrical wiring can hamper the effectiveness of your smoke detection and can create a risk of fire. Chinese drywall is also very friable, which means it is in a state where small particles can easily become dislodged with little friction, thus enabling them to easily enter your lungs. For this reason, even after Chinese drywall is removed, the toxic drywall particulate may remain unless property removed.
The first complaints to the Florida Department of Health were in June 2008 which started the initial investigations. There have been 3054 homes with reported incidents of tainted drywall in the US and Puerto Rico and 1797 of these homes where in Florida. 35 manufactures have been associated with tainted drywall and some have American markings.
Chinese (Tainted) Drywall
Home Buyer's Inspection: When you purchase our standard Home Buyer's Inspection, we also include a visual tainted drywall screening at no additional charge. We follow a detailed non-intrusive visual inspection protocol to identify the presense of copper and metal corrosion in the home which is associated with tainted drywall. This inspection conforms to the "Threshold Inspection" of the CPSC "Interim Guidance - Identification of Homes with Corrosion from Problem Drywall as of March 18, 2011"
I Have Tainted Drywall, Now What?
File report with Florida Department of Health
Report on line with the CPSC
Get an attorney to help with the builder and insurance company.
Contact the builder.
Get base line medical tests.
Consider all options before starting remediation. If you do choose remediation, do not sign any releases or waivers with the builder or general contractor without seeking an attorney's advise.
Public adjusters to assist with insurance claims
Accountants for tax advise before starting any remediation
Reputable agents to assist with mortgage forbearance.
Licensed general contractors.