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This document certifies that a capital improvement will be made to a property, and outlines the responsibilities of both the customer and contractor regarding sales tax.

How to fill out st-124

How to fill out ST-124

1. Begin by obtaining the ST-124 form from your state’s Department of Revenue website.
2. Fill out your personal information at the top of the form, including your name, address, and taxpayer identification number.
3. Indicate the type of sales tax exemption you are applying for by selecting the appropriate box.
4. Provide details about the nature of the purchase, including a description of the goods or services.
5. Complete the required certification section by signing and dating the form.
6. Review the form for accuracy and completeness before submission.

Who needs ST-124?

1. Businesses that purchase goods or services exempt from sales tax.
2. Organizations making purchases that qualify under state tax exemption laws.
3. Individuals applying for a sales tax exemption for eligible purchases.

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 certain jurisdictions for reporting sales tax exemptions or claims.

Who is required to file ST-124?

Generally, businesses or individuals who are claiming a sales tax exemption or refund for purchases made may be required to file ST-124.

How to fill out ST-124?

To fill out ST-124, you need to provide relevant business information, specify the purchases made under exemption, and include any supporting documentation.

What is the purpose of ST-124?

The purpose of ST-124 is to provide a formal way for taxpayers to claim exemptions from sales tax on qualifying purchases.

What information must be reported on ST-124?

ST-124 must report information such as the purchaser's details, the nature of the exemption being claimed, and details of the transactions involved.