How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Barbara Your Own Question

Barbara
Barbara, Tax Preparer
Category: Tax
Satisfied Customers: 785
Experience:  Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

CAN A FORM 3800 CREDIT CARRYFORWARD FROM A REHABILITATION CREDIT

Customer Question

CAN A FORM 3800 CREDIT CARRYFORWARD FROM A REHABILITATION CREDIT OF AN HISTORIC STRUCTURE CARRIED FORWARD FROM A 2007 TAX RETURN BE USED TO OFFSET AMT ON THE 2012 INDIVIDUAL TAX RETURN?
Submitted: 10 months ago.
Category: Tax
Expert:  Barbara replied 10 months ago.

Welcome and thank you for giving me the opportunity to assist you with your tax question.

 

Generally, you can utilize Form 3800 to carryback this credit one year and carry it forward for 20 years. You can offset AMT, but please bear in mind that the rehabilitation tax credit cannot be used to reduce regular income tax if alternative minimum tax applies - no matter how large or small the alternative minimum tax.

 

My points of reference are the following, and all contain a vast amount of information:

 

http://www.nps.gov/tps/tax-incentives/before-apply/irs.htm

 

http://www.irs.gov/instructions/i3800/ch01.html

 

http://www.irs.gov/instructions/i3800/ch01.html

 

Please let me know if you require further information or clarification. Thank you and best regards.

Expert:  Barbara replied 9 months ago.

Hi, Kelly.

 

Please let me know if you have reviewed the information I forwarded and if you have any follow-up questions.

 

Thanks.

Customer: replied 9 months ago.


Thank you for your response. The first reference you sited is dated October 2000. I know there were some changes made after that regarding rehabilitation credit in 2008. Is this still a valid reference? Also there was no regular tax liability only amt generated on the return in question. So according to your answer we would be able to offset the amt with this credit. Am I understanding your answer correctly?

Expert:  Barbara replied 9 months ago.

Hi, Kelly.

 

I included as many references as I could for your review. The main point is that you can utilize Form 3800 as I stated in my previous answer, and you can offset the AMT with the credit. You are understanding my answer correctly.

 

Thank you and best regards.

 

Barb

Barbara, Tax Preparer
Category: Tax
Satisfied Customers: 785
Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
Barbara and 8 other Tax Specialists are ready to help you
Expert:  Barbara replied 9 months ago.

Kelly,

 

Just a short note to thank you for the "excellent" rating. It is most appreciated. If you have any questions in the future, please feel free to put "for bkb1956" in the subject line, and I will be happy to assist you. Recommendations to family and friends are also always appreciated.

 

Thanks again.

 

Barb

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    566
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    566
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3046
    10+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3103
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    CPA, CMA, CFE

    Satisfied Customers:

    3257
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2679
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2219
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.