St 124 form 2025

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The document ST-124 is a Certificate of Capital Improvement issued by the New York State Department of Taxation and Finance. It outlines the process for customers and contractors to certify that certain construction work qualifies as a capital improvement, which is exempt from sales tax. The form must be completed and signed by both parties, detailing the project and affirming that the work will enhance the property's value or extend its useful life. It also specifies conditions under which tax exemptions apply and emphasizes the contractor's responsibilities regarding tax collection.

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What is considered capital improvement in New Jersey?

Capital improvement means an installation of tangible personal property which results in an increase in the value of the real property or a significant increase in the useful life of such property. See N.J.A.C. 18:24-5.7.

What are qualifying capital improvements?

Other IRS-approved projects include adding new built-in appliances, wall-to-wall carpeting or flooring, or improvements to a homes exterior, such as replacing the roof, siding, or storm windows. Installing a fixed swimming pool or driveway may also be qualified capital improvements.

What qualifies as a capital improvement in NJ?

A capital improvement is any addition or alteration to real property that meets all three of the following conditions: It substantially adds to the value of the real property, or appreciably prolongs the useful life of the real property.

Is a bathroom renovation a capital improvement?

Common examples of capital improvements include: Adding a Bedroom or Bathroom: Costs can range from $20,000 to $50,000, providing an immediate boost to property value. Renovating Existing Spaces: Modernizing a kitchen can cost $15,000 to $30,000 but transforms the space, making it more functional and appealing.

What qualifies as capital improvements?

Capital improvements include the installation of tangible property that increases the value or the useful life of the real property.

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What home improvements are exempt from sales tax in NJ?

Examples of tax-exempt improvements are new driveways, new central air conditioning units, new fences, in-ground swimming pools, fireplaces and underground water sprinklers, new heating systems, new electrical outlets, new doors, new roofs and new decks. What is not exempt?

What is New York State Form ST 124 for?

If you are the customer and the work being performed will result in a capital improvement, fill out Form ST-124, Certificate of Capital Improvement, and give it to the contractor.