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.
June 1, 2010: Gov Crist signs bill to assess value of chinese tainted drywall homes at $0 (not including land) http://www.flgov.com/release/11643
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)
March 31, 2010: Fort Pierce, Florida – Sabre Environmental Services LLC announced today the latest results of its continuing research and analysis of Chinese drywall. Testing performed by Sabre and independent labs has demonstrated viable bacteria present in Chinese drywall. Sabre has found that a specific type of bacteria, which is unique to Chinese drywall and was identified as Thiobacillus ferrooxidans in an independent published study, is present at high levels and is living within Chinese drywall... (more)
CHINESE DRYWALL INSPECTION
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.
Home Buyer's Inspection: When you purchase our standard Home Buyer's Inspection, we also include a tainted drywall screening at no additional charge. We follow a detailed non-intrusive visual inspection protocol to identify copper and metal corrosion in the home with each home inspection. 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"
Home Owner's Tainted Drywall Inspection: If you are a home owner and are concerned that you may have tainted drywall, we provide the same tainted drywall screening as the Home Buyer's Inspection and include a report with photos which can be used to either clear or confirm the presence of copper and metal corrosion in the home.
Why Purchase a Tainted Drywall Inspection and Report?
Peace of mind.
Attorney's request for any future claims
Property Appraisers requesting for reduction of taxes.
Insurance claims.
Tax Purposes.
Real estate sale.
Lender's request.
I Have Tainted Drywall, Now What?
Don't panic.
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.
Additional Resources
Public adjusters to assist with insurance claims
Accountants for tax advise before starting any remediation
Reputable agents to assist with mortgage forbearance.
