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2024 Michigan Farmland Preservation Tax Credit Claim MI-1040CR-5

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The document is the 2024 Michigan Farmland Preservation Tax Credit Claim (MI-1040CR-5) form, which provides instructions for taxpayers to claim credits related to farmland preservation and property taxes. It includes sections for computing tax credits, reporting losses from business or farm activities, and calculating net operating losses. The form requires personal information and specific financial details to determine eligibility for tax credits under Michigan's farmland preservation program.

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Who qualifies for MI property tax credit?

You were a Michigan Resident for at least 6 months of the year you are filing in. You have Total Household Resources (THR) under a specified amount adjusted annually. You own and occupy the homestead you are claiming for credit or you occupy your rental under a contract lease agreement.

What is the farmland preservation tax credit in Michigan?

The Farmland Preservation Tax Credit gives a share of the property tax paid on farmland back to farmland owners. Farmland owners qualify for credit by agreeing to keep the land as farmland and not develop it for another use. NOTE: This form must be filed with the Michigan Business Tax Annual Return (Form 4567).

How many acres do you need to be considered a farm in Michigan?

Who Qualifies? You can claim a property tax credit if all the following apply: You are considered a natural person (owner or claimant), and not a living trust, irrevocable trust, or other legal entity, such as a S corporation or LLC, etc. Your homestead is in Michigan (whether you rent or own).

What is the Michigan property tax credit for 2024?

The Homestead Property Tax Credit helps qualified Michigan homeowners and renters pay for a portion of their property taxes. For the 2024 tax season, this credit is worth up to $1,800. For homeowners, your taxable value must be $160,700 or less.

What is the farmland preservation tax?

The Farmland Preservation Credit gives back to farmland owners a share of the property tax they pay on their farmland. Farmland owners qualify for the credit by agreeing to keep the land as farmland and not develop it for another use.

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Who can file MI 1040cr?

You may claim a property tax credit if all of the following apply: Your homestead is located in Michigan You were a Michigan resident at least six months of 2024 You own your Michigan homestead and property taxes were levied in 2024, or you paid rent under a rental contract.

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