☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 2, 2022 1:56:30 PM

Illinois State - how to deduct margin interest expsnes

In 2021, I had a large capital gain and a large margin interest expense carry-forward. I was able to deduct most of the margin interest expense carry-forward against my capital gains on my Federal filing. How can I do that for Illinois state return?

0 2 726
1 Best answer
Level 15
Apr 2, 2022 5:24:12 PM

illinois does not allow itemized deductions.

 

2 Replies
Level 15
Apr 2, 2022 5:24:12 PM

illinois does not allow itemized deductions.

 

Level 2
Apr 3, 2022 6:19:20 AM

Thanks, now that I know where to look, I can see you are correct.