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Updated almost 10 years ago, 12/14/2014

User Stats

89
Posts
39
Votes
Landon Elscott
  • Investor
  • Newton, IA
39
Votes |
89
Posts

Rehabilitation Tax Credit - Qualification?

Landon Elscott
  • Investor
  • Newton, IA
Posted

Yesterday, I read about a Rehabilitation Tax Credit that provides what appears to be a 10% tax credit for restoration and rehabilitation costs do properties built prior to 1936 or a 20% credit foe those that are certified historic structures - such as on some sort o historic registry.

I have a rental home built in 1920.  While its not a certified historic building by any means, I was just curious if due to the build date it might still qualify when used as a rental property.  Certainly, I can already deduct repair expenses, but assuming I was able to qualify, would I take the expense deduction plus the credit?  

Just wanting some more information as to what pre-1936 buildings qualify.

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