LIVE NOW /
Watch News 8 at 10pm

IRS allowing homeowners with crumbling foundations chance to ‘carry forward’ net operating loss

Connecticut

There is some good news for Connecticut homeowners with crumbling foundations.

The IRS is going to allow homeowners to carry forward a net operating loss should their casualty loss exceed their income.

Related Content: Website helps homeowners with crumbling foundations determine financial assistance eligibility

That means that even if the net loss suffered by homeowners far exceeds their annual federal tax payment, they can carry that loss for up to 20 years by amending their 2017 tax returns.

Homeowners should consult with their tax preparers with questions.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss