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We live in Illinois. We had a large deck and a garage extension added to our home this summer. What are we allowed to claim? The total cost was $32,000.


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The BIDaWIZ Team's Answer:

Unfortunately, you cannot deduct these expenses on your tax return as it adds to your basis in the property. However, this means that when you sell your home in the future, you will pay less in capital gains taxes as these costs are added to the purchase price of the property. This is referenced in Internal Revenue Section 1012 and IRS Publication 523.

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