crumbling foundations

State Crumbling Basement Help Not Taxable in Most Cases: IRS

crumbling foundation sept 10

There is a big development for homeowners who got state help to fix their crumbling basements.

Congressman Joe Courtney has received guidance from the Internal Revenue Service (IRS) that financial help homeowners received from the state to help replace their basements will not be taxable income.

The exception:  if a homeowner claimed a property casualty loss for the basement with the IRS before getting state aid.

Courtney still suggests homeowners consult a certified tax preparer if they have questions.

NBC Connecticut Investigates broke the story about hundreds of crumbling basements in northern central and eastern Connecticut almost five years ago.

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