RP-2018-14

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IRS GuideWire

February 7, 2018

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Issue Number: RP-2018-14

Inside This Issue

Revenue Procedure 2018-14 extends the time for individuals to pay to repair damage to their personal residences. Most importantly for affected homeowners, for damage resulting prior to 2018, if a taxpayer pays to repair the damage prior to the last day for filing a timely Form 1040X for the 2017 taxable year, the taxpayer may treat the amount paid as a casualty loss on a timely filed form 1040X for the 2017 taxable year.

Rev. Proc. 2017-60 provided a safe harbor that allows an individual to deduct the amounts paid to repair damage to his or her personal residence caused by deteriorating concrete foundations containing the mineral pyrrhotite.

Revenue Procedure 2018-14 will appear in IRB 2018-09 dated Feb. 26, 2018.

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