A GUIDE TO THE FEDERAL HISTORIC PRESERVATION TAX INCENTIVES PROGRAM FOR INCOME PRODUCING PROPERTY

 

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QUESTION
ANSWER
1.

What is the 20% tax credit for rehabilitating historic buildings?

How long has this credit been available?

2.
Can the 20% federal tax credit be used to rehabilitate an owner's private residence?
3.
To Qualify for the 20% tax credit, does a building have to be individually listed in the National Register of Historic places or included in a National Register historic district?
4.
What are the Secretary of the Interior's Standards for Rehabilitation that are used to evaluate projects that apply for the 20% tax credit?
5.
What are the basic requirements that determine whether a project will be eligible for the 20% tax credit?
6.
What other factors might affect project eligibility?
7.
How does the IRS define a "building" for purposes of the 20% tax credit for rehabilitating historic buildings?
8.
What expenses are eligible and what expenses are ineligible to receive credit for which the 20% tax credit can be claimed in a rehabilitation project?
9.
If the rehabilitation work begins before the application is submitted, can the project be approved while it is underway or when it is finished?
10.
What is IRS involvement in the 20% tax credit program? Where can the IRS regulations be obtained?
11.
Where can complete information on the 20% tax credit program be obtained?

 

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Tel/ Fax: 310.320.0269 ............ Email: save_historic_old_torrance@msn.com

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