Back in September the Internal Revenue Service issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009.
Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall as a casualty loss and provides a ”safe harbor” formula for determining the amount of the loss.
Taxpayers who want to take advantage of the safe harbor need to file Form 4684 with their return with "Revenue Procedure 2010-36" indicated at the top of the form.
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