The IRS clarification will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their income.
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This clarification means that even if the net loss suffered by a homeowner exceeds their annual federal tax liability, they can carry forward that loss for up to 20 years and can carry back for two years.
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Our work is not done, and we will continue to work with officials at every level of government to solve the crisis of crumbling foundations in our state.
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Please take a moment to read the full document sent by the IRS to my office and Congressman Larson’s office explaining in detail the clarifications made. https://courtney.house.gov/sites/courtney.house.gov/files/IRS%20Letter.pdf?fbclid=IwAR0Vfj2P1fctFC8lH-Lt5_XodwnjBBiKCbiaDZrNrCsNFiaLqtD6MyiiwKM …
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Thanks Rep. Larson! I grew up in Tolland, and still have ties to folks whose houses collapsed.
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