CERTIFIED HISTORIC RESIDENTIAL STRUCTURE CREDIT: For taxpayers completing qualifying residential rehabilitation projects. (TC-22)
This credit is available for rehabilitation expenses to a certified historic residential structure, as defined below, for expenses incurred in taxable years beginning after 2002 and if the property is placed in service after June 30, 2003.
The credit is 25% of rehabilitation expenses, which must exceed $15,000 within a 36-month period. The credit has to be taken in equal installments over a three year period. Any unused amount from an installment can be carried forward for five years. You may not claim more than one credit on the same certified historic residential structure within 10 years.
Before any work begins, contact the State Historic Preservation Officer (SHPO) to review all repairs, alterations, rehabilitation, and new construction on the certified historic residential structure and the property on which it is located. Repairs or alterations must be consistent with the Secretary of the Interior's Standards for Rehabilitation.