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 the form used to claim the Rehabilitation of Historic Properties Credit in New York.

Q: What is the Rehabilitation of Historic Properties Credit?
A: The Rehabilitation of Historic Properties Credit is a tax credit available for property owners who rehabilitate certified historic properties in New York.

Q: Who can claim the credit?
A: Property owners who undertake qualified rehabilitation work on certified historic properties in New York can claim the credit.

Q: What is considered a certified historic property?
A: A certified historic property is a building that is listed on the State or National Register of Historic Places.

Q: What expenses qualify for the credit?
A: Qualified expenses include costs directly related to the rehabilitation work, such as labor, materials, and professional fees.

Q: How much is the credit?
A: The credit is equal to a percentage of the qualified expenses, up to a maximum amount.

Q: How can I claim the credit?
A: You must complete and file Form IT-238 to claim the Rehabilitation of Historic Properties Credit.

Q: Are there any documentation requirements?
A: Yes, you must submit documentation such as a certified historic property determination, photographs, and proof of qualified expenses.

Q: Is there a deadline for claiming the credit?
A: Yes, the credit must be claimed within three years from the due date of the original tax return for the year in which the qualified expenses were incurred.