Form It-Rhc - Rehabilitated Historic Credit Page 2
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2Part B - Historic Home Located in a Target Area
Determination of Substantial Rehabilitation
1. Amount of the
rehabilitation expenditures (line 2e. II.
__ _______________
2. Dollar limitation
$5,000
3. Subtract line 2 from line 1, if zero or less, STOP, you have not completed a
substantial rehabilitation and are not eligible for this portion of the credit
__ _______________
Amount of the Credit
_____________
3. Amount from Line 1
30%
4. Credit limitation
5. Multiply line 3 by line 4
__ _______________
Part C - Any Other
Structure
Determination of Substantial Rehabilitation
1. Amount of the
rehabilitation expenditures (Line 2e. II.
__ _______________
2. Adjusted basis of the home at the beginning of the 24 month
(or 60 month) rehabilitation period.
This is the basis used to
determine gain or loss for Federal income tax purposes (Line 2a.
______________
3. Dollar limitation
$5,000
4. Enter the greater of line 2 or line 3
__ _______________
5. Subtract line 4 from line 1, if zero or less, STOP, you have not completed a
substantial rehabilitation and are not eligible for this portion of the credit
__ _______________
Amount of the Credit
_____________
6. Amount from Line 1
7. Credit limitation
25%
8. Multiply line 6 by line 7
__ _______________
Summary for Historic Home
1. Enter the total of Part A - line 10 or Part B - line 5
__ _______________
2. Maximum Credit
$100,000
3. Enter the lesser of line 1 or line 2 here and on your income tax return
__ _______________
1. Enter the total of Part C- Line 8
__ _______________
2. Maximum Credit
$300,000
3. Enter the lesser of line 1 or line 2 here and on your income tax return
__ _______________
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