10% tax credit? - Posted by Laure

Posted by J Hyre in Ohio on January 21, 1999 at 11:57:48:

I’ve never dealt with the rehabilitation tax credit, but the cite you seek is Internal Revenue Code Section 47.

10% tax credit? - Posted by Laure

Posted by Laure on January 20, 1999 at 23:17:25:

My sister does taxes on the side. She is definately not an accountant. However, she told me that there is a 10% tax credit if A) you have invested 5,000 or more in a year fixing a house that is B) at least 50(? not sure of age requirement) years old. She said this is different than a home that is designated as “historical” and these homes get a 20% tax credit.

Any answers ? I haven’t connected with my CPA yet to ask him. I guess both she and my mom took credits last year for homes they fixed and then rented.

Laure :slight_smile:

Re: 10% tax credit? - Posted by Carol

Posted by Carol on January 21, 1999 at 07:06:09:

Laure - I’m not a professional either, but I don’t think so.
Our home and a couple of our properties are in areas which are in the process of being designated Historical Areas.
The question of tax credits came up at a meeting on the subject (this was only 2 months ago) and to the best of our memory, the only credits were for LARGE properties, with a lot of hoops to jump through and a fairly high miminum of rehab (250 - 500k?)

If you can confirm something to the contrary, please get a tax code reference!! We have a number of homes which would qualify with both $$ and age!