Does not include: acquisition costs; enlargement costs; acquisition interest and taxes; realtors fees; paving and landscaping costs; sales and marketing costs; or new building construction costs. When can a taxpayer claim the tax credit?
• Generally, for the taxable year in which the rehabilitated building is placed in service. If all of the credit cannot be used, the excess can be carried back one year and then forward 20 years. • For phased projects, before completion of the entire project on the basis of “qualified progress expenditures” if construction is planned for two or more years.
Related Questions
- Does not include: acquisition costs; enlargement costs; acquisition interest and taxes; realtors fees; paving and landscaping costs; sales and marketing costs; or new building construction costs. When can a taxpayer claim the tax credit?
- What countries and US states have sales taxes applied to CSDA registration/examination fees?
- Do all vehicles come with fees and taxes included in the price and what about on-road costs?
