Instructions for Form IT-238 Claim for Rehabilitation of Historic Properties Credit - New York

Form IT-238 Claim for Rehabilitation of Historic Properties Credit - New York

This document contains official instructions for Form IT-238 , Claim for Rehabilitation of Historic Properties Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-238 is available for download through this link.

FAQ

Q: What is Form IT-238?A: Form IT-238 is a tax form used in New York to claim the Rehabilitation of Historic Properties Credit.

Q: What is the Rehabilitation of Historic Properties Credit?A: The Rehabilitation of Historic Properties Credit is a tax credit available in New York for the rehabilitation expenses incurred in the restoration or preservation of historic properties.

Q: Who is eligible to claim the Rehabilitation of Historic Properties Credit?A: Both individuals and businesses in New York are eligible to claim the Rehabilitation of Historic Properties Credit if they have incurred qualifying rehabilitation expenses.

Q: What expenses qualify for the Rehabilitation of Historic Properties Credit?A: Expenses related to the rehabilitation, restoration, or preservation of historic properties, such as construction costs, architectural fees, and materials, may qualify for the credit.

Q: How do I fill out Form IT-238?A: You must fill out Form IT-238 by providing information about the taxpayer, the historic property, and the qualifying rehabilitation expenses. You will also need to attach supporting documentation.

Q: What is the deadline to file Form IT-238?A: Form IT-238 must be filed on or before the due date of the taxpayer's New York State tax return, including extensions.

Q: What documentation should be attached to Form IT-238?A: You should attach detailed documentation that supports the rehabilitation expenses claimed, such as invoices, receipts, and contracts.

Q: Is there a limit to the amount of credit that can be claimed?A: Yes, the total amount of credit that can be claimed for a single historic property is limited to $5 million.

Q: Can the Rehabilitation of Historic Properties Credit be carried forward or refunded?A: No, the credit cannot be carried forward or refunded. However, it can be used to offset New York State tax liability in the current tax year.