IRS Provides Casualty Loss Deduction ... Homeowners See Ray of Sunshine ... Through CDW / TCDW Cloud

Oct. 10, 2010 - PRLog -- IRS Casualty Loss Deduction sounds great, provides relief, and requires the Consumer to again FUND or PAY to correct the construction issues they had nothing to do with, had no financial benefit from, and now are strapped with "COST TO CORRECT", now with the ability to recoup a small amount ... TAX DEDUCTION ... IF and ONLY IF ... they qualify, based on the GUIDELINES !!!

http://www.irs.gov/newsroom/article/0,,id=228402,00.html

Without sounding ungrateful to our Government for the Casualty Loss Deduction ...

Facts concerning FUNDING for the required repairs have not been addressed.

Basically ... most if not all the Homeowners ... DO NOT HAVE THE MONEY TO FUND ... Corrective Repairs, Abatement, Demo, Treatment, Testing, Post Treatment Testing, Re-Construction, and Permit Fees, that add up quickly, not to mention the relocation and storage cost associated with Corrective repairs.

Truth is ... most Homeowners ... after reading the "Deduction Guidelines" ... scratch their heads and ask one very important question ...

WHERE IS THE MONEY COMING FROM TO PAY THE COST OF CORRECTIVE WORK ???

Let me explain this in simple terms ...

Most all the people (clients) who are paying for the corrective repairs, are having to liquidate assets (stocks, bonds, real estate, cars, kids college fund, retirement accounts, etc.) for approximately 40 - 70% on the dollar ... another significant loss ... to fund these repairs ... for a tax deduction ... that equals 20 - 30% ... at best ... of the actual cost of the repairs, and does not include re-location, furniture storage, and other expenses.

I have analysed this on numerous levels, and fail to see the tax benefits ???

My suggestion is for the Banks or Lenders to make low or zero interest loans available to Homeowners, not investors or real estate speculators, to correct the CDW or TCDW issue.

This may sound like a risky loan, but look on the other side of the fence ...

The Banks or Lenders will own the property ... if or when ... Homeowners default on original loans ... and Banks and Lenders will still have the CDW or TCDW issues, after foreclosure ???

This all makes for a smart business decision ... except for one small problem ...

Based on the current "BAIL-OUT" guidelines, most if not all short sales, result in the Banks or Lenders making money ... NOT LOOSING MONEY ... as they would have you believe ... just watch this short video ...

http://www.youtube.com/user/fiercefreeleancer

Time for the Lenders, Banks, IRS, and Politicians to start explaining where all this "BAIL-OUT" money really comes from ???

You and I, not to mention our children, grand-children, and great-grand-children ...

Think about this come election day ... the only say you really have is ... YOUR VOTE !!!

Please think about this whole issue, and VOTE ... with the knowledge and facts ... the taxpayers want CHANGE ... and NOT THE CHANGE WE HEARD ABOUT IN THE LAST ELECTION !!!

I'm not a Politician, Lender, Banker, Lawyer, Real Estate Speculator, or wealthy man, just an average guy, like you, trying to understand how my clients can Cost Effectively resolve and fund the CDW or TCDW repairs and still live in their "DREAM HOME" that has turned into a "NIGHT-MARE".

Michael S. Foreman
Foreman and Associates, Inc.
Forensic Construction Consultants
www.ForemanandAssociates.com

# # #

Foreman and Associates, a FULL service forensic construction consulting firm.
Our firms TREATMENT PROTOCOL for TAINTED and CORROSIVE DRYWALL commonly called Chinese Drywall has been validated, confirmed, tested, and documented as 100% successful. .