What are the chances you have been thinking about this?
You likely did not have this top of mind.
The federal Rehabilitation Tax Credit, (rehab credit), offers significant financial incentives for owners and leaseholders of historic buildings to renovate those structures.
The federal Rehabilitation Tax Credit, (rehab credit), offers substantial economic incentives for owners and leaseholders of historic structures to refurbish them.
Why are tax credits so intriguing? What’s the game changer?
In contrast to deductions, tax credits reduce your tax bill by the dollar. You can reduce your tax bill by $20,000 if you donate $100,000 and obtain a 20 percent tax credit. This is Uncle Sam's pocket pocketing $20,000. There is more!
You can reduce your taxes through depreciation strategies for the remaining $80,000, and also qualify for a State rehabilitation Credit.
The rehab credits help give you build generational wealth using State and Federal tax credits, with your property.
You want to ensure you satisfy the four requirements for the historic rehabilitation credit. We can help!
There is a 20% tax credit at the federal tax level, some states provide a 50% tax credit, which reduces your total costs by up to 70%.
As you can see, the historic rehab has a lot to discuss. Please do not hesitate to contact us at 262-358-8297 if you want to discuss the historical Rehab credits.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.