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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 2024-2025

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The document is a tax form (IT-238) for claiming the Rehabilitation of Historic Properties Credit under New York Tax Law Section 606(oo). It outlines the necessary information and computations required for individuals, partnerships, estates, and trusts to claim this credit. The form includes sections for detailing historic property information, credit computation, and instructions for different types of filers. It emphasizes that this form should not be used for claiming the historic homeownership rehabilitation credit.

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What is the historic rehabilitation tax credit program?

The credit provides a tax incentive to rehabilitate historic buildings. If your rehabilitation and expenses qualify, you may claim a tax credit equal to 20% of your qualified expenses. The credit is allocated ratably over a 5-year period on your federal income tax return.

Do you get a tax credit for home improvement?

If you make qualified energy-efficient improvements to your home after Jan. 1, 2023, you may qualify for a tax credit up to $3,200. You can claim the credit for improvements made through 2032. For improvements installed in 2022 or earlier: Use previous versions of Form 5695.

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.

What is the 10 year rule for tax credits?

10-Year Rule: The building is eligible for acquisition credit so long as the existing building was not placed-in-service during the 10-year period preceding the acquisition.

How to monetize historic tax credits?

Most recipients of historic tax credits (usually a developer or non-profit organization) choose to syndicate themto transfer the tax credits to an investor. Tax credit syndication requires the building owner and an investor to form a legal entity like a limited partnership or limited liability company.

Can you claim tax credits for previous years?

Earned Income Tax Credits You can also claim prior year EITCs up to three years back if you find out you are eligible for tax credits but didnt file. You can also amend your filed tax return up to three years back if you didnt originally claim these tax credits.

Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024-2025

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The best way to modify Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024 in PDF format online

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Got questions?

What is the historic rehabilitation tax credit program?

Do you get a tax credit for home improvement?

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

What is the 10 year rule for tax credits?

How to monetize historic tax credits?

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Can you claim tax credits for previous years?

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Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024-2025

Here's how it works

The best way to modify Form IT-238 Claim for Rehabilitation of Historic Properties Credit Tax Year 2024 in PDF format online

Complete this form in 5 minutes or less

Got questions?

What is the historic rehabilitation tax credit program?

Do you get a tax credit for home improvement?

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

What is the 10 year rule for tax credits?

How to monetize historic tax credits?

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People also ask

Can you claim tax credits for previous years?

Related links

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