Form IT-140 Schedule HEPTC-1 Homestead Excess Property Tax Credit - West Virginia

What Is Form IT-140 Schedule HEPTC-1?

This is a legal form that was released by the West Virginia State Tax Department - a government authority operating within West Virginia.The document is a supplement to Form IT-140, Tax Credit Recap Schedule. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is IT-140 Schedule HEPTC-1?A: IT-140 Schedule HEPTC-1 is a form used to claim the Homestead Excess PropertyTax Credit in West Virginia.

Q: What is the Homestead Excess Property Tax Credit?A: The Homestead Excess Property Tax Credit is a credit available to eligible homeowners in West Virginia to help offset property tax payments.

Q: Who is eligible for the Homestead Excess Property Tax Credit?A: Homeowners in West Virginia who meet certain income and property value requirements may be eligible for the Homestead Excess Property Tax Credit.

Q: How do I claim the Homestead Excess Property Tax Credit?A: To claim the Homestead Excess Property Tax Credit, you need to fill out and submit IT-140 Schedule HEPTC-1 along with your West Virginia income tax return (form IT-140).

Q: What information do I need to fill out IT-140 Schedule HEPTC-1?A: You will need information about your income, property value, and property taxes paid in order to complete IT-140 Schedule HEPTC-1.

Q: When is the deadline to file IT-140 Schedule HEPTC-1?A: The deadline to file IT-140 Schedule HEPTC-1 is the same as the deadline to file your West Virginia income tax return, which is typically April 15th.

Q: Is the Homestead Excess Property Tax Credit refundable?A: No, the Homestead Excess Property Tax Credit is non-refundable. It can only be used to offset your property tax liability.

Q: Can I claim the Homestead Excess Property Tax Credit if I rent my home?A: No, the Homestead Excess Property Tax Credit is only available to homeowners. Renters are not eligible to claim this credit.

Q: Are there income limits for the Homestead Excess Property Tax Credit?A: Yes, there are income limits in order to qualify for the Homestead Excess Property Tax Credit. The specific limits may vary each year, so it is best to check the latest guidelines from the West Virginia Department of Revenue.