Rehabilitation Tax Credit

[Clifton Williams]

Has anyone taken advantage of the rehabilitation tax credit? If so, what type of property did you rehab? I am a little concerned about all the red tape I would have to go through.

[Steven Hamilton II]

Clifton Williams,

The Rehabilitation Tax Credit, is surrounded by red tape. Let me forward you here to the IRS FAQ as it will probably answer some of your questions.

In my opinion, it is not worth all of the extra work involved unless you happen to be rehabbing a historic building. It is also typically used in very large restorations.

You also may want to contact Jeremy D. on here as he has asked some questions about the credit here before.

-Steven the Tax Guy

Your guide to IRS laws, rules and regulations.

http://www.irs.gov/pub/irs-utl/faqrehab.pdf