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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3459
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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CAN A FORM 3800 CREDIT CARRYFORWARD FROM A REHABILITATION CREDIT

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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?

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.

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 4 years 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?

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 and other Tax Specialists are ready to help you

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