Comments on: Are home improvements a tax deduction in Illinois?

By: Will

Will — Wed, 17 Jun 2009 07:28:13 +0000

This isn’t true at all. All the previous answers are absolutely right. If it’s your own home then the improvements are nondeductible. I came across the same question when I purchased my first home (condo). But, I soon found out that improvements are nondeductible.

By: Judy

Judy — Wed, 17 Jun 2009 01:09:33 +0000

Your f’riend is wrong, unless it’s rental property you own and are renting out. If it’s your personal residence, it isn’t deductible. Keep the receipts though, and if you owe capital gains tax when you sell the home, it will reduce the gain and therefore the tax.

By: Wayne Z

Wayne Z — Tue, 16 Jun 2009 13:09:49 +0000

No.

Home Improvements have never been a tax deduction.

For the past couple of years, you could get a small credit for certain energy efficient improvements to your house but, A) The Credit expired as of 12/31/07; and, B) Remodeling a bathroom didn’t count.

By: v b

v b — Tue, 16 Jun 2009 04:15:57 +0000

No. It adds to your cost basis. You use the cost basis to determine your gain when you sell. Less gain, less tax.