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Instructions for Form IT-237
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Instructions for Form IT-237 Claim for Historic Homeownership Rehabilitation Credit - New York
This document contains official instructions for Form IT-237 , Claim for Historic Homeownership Rehabilitation Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-237 is available for download through this link.
FAQ
Q: What is Form IT-237?A: Form IT-237 is a tax form used in New York to claim the Historic Homeownership Rehabilitation Credit.
Q: What is the Historic Homeownership Rehabilitation Credit?A: The Historic Homeownership Rehabilitation Credit is a tax credit available in New York for homeowners who make qualified rehabilitation expenses on a historic residential property.
Q: Who is eligible to claim the Historic Homeownership Rehabilitation Credit?A: Homeowners in New York who make qualified rehabilitation expenses on a certified historic residential property are eligible to claim the credit.
Q: What are qualified rehabilitation expenses?A: Qualified rehabilitation expenses are expenses incurred to preserve, restore, or rehabilitate a certified historic residential property.
Q: How much is the Historic Homeownership Rehabilitation Credit?A: The credit is equal to 20% of the qualified rehabilitation expenses, up to a maximum credit of $50,000.
Q: How do I claim the Historic Homeownership Rehabilitation Credit?A: You must complete and file Form IT-237 with the New York State Department of Taxation and Finance.
Q: Are there any deadlines for claiming the Historic Homeownership Rehabilitation Credit?A: Yes, the credit must be claimed for the tax year in which the qualified rehabilitation expenses were paid or incurred.
Q: Are there any other requirements to claim the credit?A: Yes, you must have certification from the New York State Office of Parks, Recreation, and Historic Preservation that the property is eligible for the credit.
Q: Can the credit be carried forward or refunded?A: No, the credit cannot be carried forward or refunded. It can only be used to offset your New York State tax liability.
Instruction Details:
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