Illinois  |  Tax Law

Legal Question

Asked on: 9/08/13, 12:01 am

In 2010 my parents, out of state residents, purchased a foreclosure in Chicago for about 107K (no mortgage). That home has been my primary residence since . I have been fiscally responsible for all construction(some gut/remodel, HVAC system, windows and doors, roof repair, etc...) to make the house livable and all maintenance since. We are looking transfer the deed to me or add my name to the deed. Currently it is willed to me. Is there a way to do this and minimize or avoid tax consequences? Currently I can't really file any of my expenses on the home since I am not an "owner".

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