Old Home Tax Credits
October 26th, 2009 | 
Author: Tax credits are an incredible advantage to homeowners of older homes. Thousands of tax dollars are avaialble for many types of home renovations.
Please be aware of the various rules and regulations reviolving around these types of homes and their ensuing tax credits. Here are a few things to be aware of:
Your home’s elegibility. In 2007 24 states provided tax benes to historic prioperties, however, these only apply to commercial and rental properties. Homes must also meet certain criteria. Most homes must be listed on a national register of historic homes and the renovation work must adhere to all of the state’s guidelines. This is all according to the Secretary of the Interior’s standards. In addition, several states have a certain dollar percentage that the renovation costs must also meet. A cap can also be placed upon the amount of tax relief an owner may be entitled too. Some states like Michigan, the carolinas and Kansas have no cap at all. Transferability also comes into play when carrying a balance forward into a new tax year to be able to gain full advantage of subsequent tax years.
Contact your state’s Historic Preservation office for more info.
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