One of the lesser-known tax breaks available to qualified businesses and individuals is the rehabilitation credit. If you own (or in some cases, lease) a historically important building and renovate it, you may be able to claim a 20% credit of eligible rehabilitation costs. Covered expenses include those for renovation, restoration and rehabilitation, but not enlargement or new construction. In general, a qualified building must be listed on the National Register of Historic Places or belong to a “registered historic district.” And the cost of the renovation must exceed the greater of $5,000 or the building’s adjusted basis. For more details, visit https://bit.ly/3XrW2Vd or contact us.
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