Federal Historic Rehabilitation Tax Credit for 2009, 2010
July 5, 2010 by admin
Filed under Nintendo Wii News and Reviews
The Federal Historic Rehabilitation Tax credit program is offered by the National Park Service and the Internal Revenue Service along with the State Historic Preservation Offices.
So far this program has been a very successful and cost-effective community program. It creates jobs and affordable housing in historic buildings. The main goal is to transform these buildings into buildings that can provide additional housing at a low price for renters.
There are four different credits available depending on the building type:
- Barns
- Main Street Commercial Buildings
- Rowhouses
- Wood Frame Houses
You must apply for the credit and provide very detailed photographs that show the appearance and condition of the building.
How Much is the Credit?
The percentage of costs to restore the building could be as high as a 20% credit that you could receive. This percentage is higher for buildings built before 1936 in the Gulf Opportunity zone. In this area you could receive up to a 26% credit. Learn more about the tax credit for Federal Historic Rehabilitation projects.
To qualify for this credit, the property must be a certified historic structure. If it is not certified then you may only receive a 10% credit. If you are restoring a building to serve as your principal residence then it does not qualify for this credit. You must complete the historic preservation certification application.
If you are considering restoring a historic building for a tax credit and you have questions, let one of the tax experts at TurboTax Online answer them for you. TurboTax Online offers free tax advice and support.
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