Get the free ST-124

This form is used to certify a capital improvement for tax purposes in New York State, detailing responsibilities for sales tax related to tangible personal property and labor.

How to fill out st-124

How to fill out ST-124

1. Obtain the ST-124 form from the appropriate state website or office.
2. Begin by entering your personal information at the top of the form, including your name, address, and contact details.
3. Fill out the sections regarding the type of exemption you are applying for, based on the nature of your purchase.
4. Provide a detailed description of the items for which you are claiming the exemption.
5. Include any relevant tax identification numbers or business IDs as required.
6. Sign and date the form to validate your application.
7. Submit the completed form to the designated tax authority or include it with your purchase.

Who needs ST-124?

1. Businesses or individuals making certain tax-exempt purchases.
2. Non-profit organizations seeking tax exemptions.
3. Any taxpayer who qualifies for the specific exemptions listed on the ST-124 form.

People Also Ask about

What is New York State Form ST 124 for?

If you are the customer and the work being performed will result in a capital improvement, fill out Form ST-124, Certificate of Capital Improvement, and give it to the contractor. You must give the contractor a properly completed form within 90 days after the service is rendered.

What is a New York State withholding form?

Every employee must complete two withholding forms: For federal taxes: the W-4 Employee's Withholding Certificate form filed with the Internal Revenue Service. For NYS/NYC/Yonkers taxes: the IT-2104 Employee's Withholding Allowance Certificate form filed with the NY State Department of Taxation and Finance.

What is considered a capital improvement in NY?

A capital improvement is any addition or alteration to real property that meets all three of the following conditions: It substantially adds to the value of the real property, or appreciably prolongs the useful life of the real property.

What is the sales tax exemption in NYC?

Clothing and footwear under $110 are exempt from New York City and NY State sales tax. Purchases above $110 are subject to a 4.5% NYC sales tax and a 4% NY State sales tax.

What is the difference between capital improvements and repairs?

Capital improvements add value, extend the life of a property, or adapt it for new uses, while repairs focus on maintaining the property's current condition. Knowing the difference not only helps you comply with tax regulations but also ensures accurate financial planning and reporting.

Are consulting services taxable in New York?

Sales of services are generally exempt from New York sales tax unless they are specifically taxable.

Who qualifies for sales tax exemption in New York?

Tax exempt status may be granted by New York State to any not-for-profit corporation, association, trust or community chest, fund, foundation, or limited liability company organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, testing for public safety, fostering

For pdfFiller’s FAQs

What is ST-124?

ST-124 is a tax form used in Massachusetts for reporting sales tax exemptions.

Who is required to file ST-124?

Entities or individuals claiming sales tax exemptions for purchases made in Massachusetts are required to file ST-124.

How to fill out ST-124?

To fill out ST-124, you must provide your name, address, exemption type, and the reason for the exemption, along with other relevant information as specified on the form.

What is the purpose of ST-124?

The purpose of ST-124 is to allow individuals and businesses to claim exemptions from sales tax on specific purchases eligible under Massachusetts law.

What information must be reported on ST-124?

ST-124 requires reporting of the purchaser's name, address, the type of exemption being claimed, and the specific items or services being purchased under the exemption.