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January 24, 2019

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What owners of historic buildings should know about the rehabilitation tax credit

May 22, 2019

 

 

The month of May is considered to be National Historic Preservation Month, so we at LR Tax & Accounting Services would like to share some important information to promote historic buildings and other important heritage sites. 

 

The City of Riverside and Riverside County is full of so many beautiful homes, with great historic significance.  So as part of this month, anyone who is lucky enough to own a historic building should remember that the rehabilitation tax credit offers an incentive to renovate and restore old or historic buildings.  

 

In December 2017, Tax reform legislation changed when the credit is claimed and provides a transition new rule.

 

Here are some things that building owners should know about this credit:

  • The credit is now 20 percent of your qualifying costs for rehabilitating a building.

  • This credit does not apply to the money spent on buying the structure.