All Forum Posts by: Andriy Boychuk

Thank you for the advice

New York State has one

"Rehabilitation of historic properties credit

You're entitled to this nonrefundable credit if you or your business:

is allowed a federal credit under IRC section 47, for a structure located in New York State, and

all or part of the rehabilitation project is either a targeted area residence within the meaning of IRC section 143(j), or is located within a census tract identified as being at or below 100% of the state median family income in the most recent federal census

How much is the credit?

For tax years beginning on or after January 1, 2010, and before January 1, 2015, the credit equals 100% of the federal credit amount allowed. However, the total amount of New York State credit allowed can't exceed $5 million dollars per structure"

http://www.tax.ny.gov/pit/credits/hist_prop.htm

Thank you for tax credit advice. I found more information on IRS website. See below.

"Rehabilitation Tax Credit - Real Estate Tax Tips

The rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of certain buildings. Rehabilitation includes renovation, restoration, and reconstruction. It does not include enlargement or new construction.

Generally, the percentage of costs you can take as a credit is:

• 10% for buildings placed in service before 1936
• 20% for certified historic structures" http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Rehabilitation-Tax-Credit-Real-Estate-Tax-Tips

Hi,

I bought 1920 house and gut renovated it. Is there any tax deductions for renovating old house?

First was quick. All others took time to find tenants.

I have some experience to buy and rent properties in Poconos. If you are interested in the are please let me know. I more than glad to share what I know. Poconos 1 hours 45 minutes from new your. I bought one house for myself and help to buy 3 house to my friends. All houses under 30k.

John,

It was good deal and was lucky enough to find good tenants. However, I did it without any real estate experience so everything was new to me.

The hardest part was to find tenant. It is rural area (18328) and there are not as many potantial tenants as you might have in cities.

Hi John,

I found my first deal in PA at HUD website http://www.hudhomestore.com/Home/Index.aspx

Also, I always check http://www.homepath.com/

Most of the properties on those websites requires renovation. However, you can get a good deal. I bought 40k property for 20k from HUD.