IRS Tax Reform Tax Tip 2018-161, October 17, 2018
The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule:
A transition rule provides relief to owners of either a certified historic structure or a pre-1936 building by allowing owners to use the prior law if the project meets these conditions:
Taxpayers useForm 3468, Investment Credit, to claim the rehabilitation tax credit and a variety of other investment credits. Form 3468instructionshave detailed requirements for completing the form.