Home
Forms Library
Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024

Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024-2026

Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024 Preview on Page 1

See details

4.5 out of 5

37 votes

The document IT-238 is a form from the New York Department of Taxation and Finance used to claim the Rehabilitation of Historic Properties Credit under Tax Law Section 606(oo). It outlines the necessary information and steps for individuals, partnerships, and fiduciaries to report qualified rehabilitation expenditures for certified historic structures. The form includes sections for credit computation, partner or beneficiary shares, and details on how to apply the credit against tax liabilities.

Here's how it works

01. Edit your form online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send it via email, link, or fax. You can also download it, export it or print it out.

How to use or fill out Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024 with our platform

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Click ‘Get Form’ to open it in the editor.
Begin by entering your name(s) and identifying number as shown on your tax return. Ensure that you complete line A, indicating whether you are claiming the credit as an individual, partnership, or fiduciary.
Proceed to Part 1 where you will provide details about the historic property. Fill in the address, type of property, project number, and date of completion.
In Schedule B, compute your credit by entering qualified rehabilitation expenditures and follow the instructions to calculate the allowable credit amount.
If applicable, complete Parts 2 through 7 based on your status (partner, shareholder, or fiduciary). Make sure to enter all required information accurately.
Review all entries for accuracy before saving or exporting your completed form for submission.

Start using our platform today to easily fill out and manage your Form IT-238 online for free!

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What form is the insulation tax credit for 2024?

This tax credit is effective for products purchased and installed between January 1, 2023, and December 31, 2025. Claim the credits using the IRS Form 5695 .

How are historic tax credits monetized?

Monetization Process: Some state HTC programs provide for certificated credits, which essentially allow credits to be bought and sold. Other states require investors to be partners with the project sponsor in a similar manner to the federal HTC.

When using a rehabilitation tax credit for a historic structure, which of the following criteria must be met?

The building has been substantially rehabilitated; The building was placed in service as a building before the beginning of the rehabilitation; The building is a certified historic structure; and. Depreciation (or amortization in lieu of depreciation) is allowable with respect to the building.

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

Owner-occupied residential properties do not qualify for the federal rehabilitation tax credit. The 20% credit is available only to properties rehabilitated for income-producing purposes, including commercial, industrial, agricultural, rental residential or apartment use.

How does a historic tax credit work?

What Is the Historic Tax Credit? Investors who are rehabilitating or repurposing historic buildings may qualify for the Historic Tax Credit, or HTC. The HTC is a federal tax credit program which provides investors with a 20% credit against the costs of rehabilitating eligible historic structures.

What is the AOC tax credit for 2024?

If you have post-secondary school education expenses, you might be eligible for two credits. You might be able to claim an American Opportunity Credit of up to $2,500 for 2024. You can apply this to qualified education expenses paid for each eligible student.

Can I claim a tax credit from previous years?

Taxpayers who were eligible to claim, but did not claim, an additional child tax credit in previous years have three years after the due date of the return to claim it.

Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024-2026

Here's how it works

How to use or fill out Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024 with our platform

Complete this form in 5 minutes or less

Got questions?

What form is the insulation tax credit for 2024?

How are historic tax credits monetized?

When using a rehabilitation tax credit for a historic structure, which of the following criteria must be met?

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

How does a historic tax credit work?

People also ask

What is the AOC tax credit for 2024?

Can I claim a tax credit from previous years?

Related links

Try more PDF tools

Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024-2026

Here's how it works

How to use or fill out Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024 with our platform

Complete this form in 5 minutes or less

Got questions?

What form is the insulation tax credit for 2024?

How are historic tax credits monetized?

When using a rehabilitation tax credit for a historic structure, which of the following criteria must be met?

Which of the following would make a building ineligible for the 20% historic preservation tax credit?

How does a historic tax credit work?

Related Searches

People also ask

What is the AOC tax credit for 2024?

Can I claim a tax credit from previous years?

Related links

Try more PDF tools