Homeowners With a Hidden Flaw Lurking in Their Foundations Could Soon Get a Tax Write-Off

Homeowners could soon be able to get a tax write-off for a foundation-wrecking flaw that could be hiding in their homes.The House passed a measure that would allow homeowners to claim a casualty loss deduction if they have to repair a home foundation impacted by pyrrhotite, a rare mineral found mostly in the Northeast that is ruinous if it's accidentally used as an aggregate in concrete. The bill would allow homeowners to retroactively claim that deduction, the same reserved for natural disasters, back through tax year 2021. That could impact tens of thousands of homes, especially in New England, that may require an expensive total foundation replacement.Connecticut Reps. John B. Larson and Joe Courtney, both Democrats, introduced the measure, the Casualty Loss Dedication Restoration Act. It passed as part of a larger bill providing tax relief for fraud victims. The Senate must approve the measure before it becomes law.“Thousands of homes in north-central and eastern Connecticut have been plagued with crumbling concrete foundations caused by the mineral pyrrhotite, leaving families with exorbitant repair costs up to the hundreds of thousands of dollars through no fault of their own...