Taxpayers who rehabilitate a historic structure may qualify for a rehabilitation tax credit. To help interested parties gain a basic understanding of the rehab credit, the IRS has issued a series of frequently asked questions on the topic. For example, who can claim a rehab credit? Taxpayers that own an interest in the building directly or indirectly or in some cases, lease a building may be able to claim a rehab credit against their income tax. The amount of the credit is determined in the taxable year the building is placed in service and is claimable over a five-year period from that point, at 20% per year, if conditions are met. Here’s more from the IRS: https://bit.ly/3gR3P9y Call or visit our website for more information! www.mjscpa.com/
