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Instructions for Form IT-256
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Instructions for Form IT-256 Claim for Special Additional Mortgage Recording Tax Credit - New York
This document contains official instructions for Form IT-256 , Claim for Special Additional Mortgage Recording Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-256 is available for download through this link.
FAQ
Q: What is Form IT-256?
A: Form IT-256 is the official form used to claim the Special Additional Mortgage Recording Tax Credit in New York.
Q: What is the Special Additional Mortgage Recording Tax Credit?
A: The Special Additional Mortgage Recording Tax Credit is a tax credit available for certain homeowners in New York who meet certain criteria.
Q: Who is eligible to claim the Special Additional Mortgage Recording Tax Credit?
A: To be eligible, you must be a New York resident, have purchased a home in New York City on or after March 1, 2002, have paid the special additional mortgage recording tax, and meet certain income requirements.
Q: What are the income requirements for claiming the Special Additional Mortgage Recording Tax Credit?
A: For tax year 2021, the income limits are $75,000 or less for single filers, and $150,000 or less for married couples filing jointly.
Q: How much is the Special Additional Mortgage Recording Tax Credit?
A: The amount of the tax credit varies based on your eligible expenses, but it cannot exceed $350.
Q: How do I claim the Special Additional Mortgage Recording Tax Credit?
A: You must complete and submit Form IT-256 along with supporting documents to the New York State Department of Taxation and Finance.
Q: When is the deadline to file Form IT-256?
A: The deadline to file Form IT-256 is the same as the deadline for filing your New York State tax return, which is usually April 15th.
Q: Is the Special Additional Mortgage Recording Tax Credit refundable?
A: Yes, the tax credit is refundable, which means that if the amount of the credit exceeds your tax liability, you will receive a refund for the difference.
Q: Can I claim the Special Additional Mortgage Recording Tax Credit if I live outside of New York City?
A: No, the tax credit is only available for homeowners who have purchased a home in New York City.
Q: Are there any other requirements or restrictions for claiming the Special Additional Mortgage Recording Tax Credit?
A: Yes, there are additional requirements and restrictions. It is recommended to review the instructions and consult with a tax professional for specific guidance.
Instruction Details:
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