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K35KANSAS190418HISTORIC PRESERVATION CREDIT(Rev. 819)For the taxable year beginning, 20; ending, 20. Name of taxpayer (as shown on return)Social Security Number or Employer ID Number (EIN)If partner,

How to fill out historic preservation credit k-35

How to fill out historic preservation credit k-35

1. To fill out the historic preservation credit k-35, follow these steps:
2. Gather all necessary documentation, including receipts, invoices, and other supporting documents that prove the expenses incurred for historic preservation.
3. Complete Form 3468, which is the Investment Credit form used to claim the historic preservation credit k-35.
4. Fill out Part I of Form 3468 with the required information, including the taxpayer's name, address, and Social Security number or employer identification number.
5. Provide detailed information about the historic property being preserved, including its address, date of acquisition, and a description of the type of property.
6. Calculate the qualified rehabilitation expenditures (QREs) by totaling the expenses paid or incurred for the rehabilitation or preservation of the historic property.
7. Enter the total QREs in Part II of Form 3468.
8. Determine the credit percentage based on the type of property and its status.
9. Multiply the total QREs by the credit percentage to calculate the historic preservation credit.
10. Complete the remaining sections of Form 3468, including any other applicable credits or deductions.
11. Attach Form 3468 to your tax return when filing with the IRS.
12. It is recommended to consult with a tax professional or refer to the official IRS guidelines for more detailed instructions.

Who needs historic preservation credit k-35?

1. Historic preservation credit k-35 is primarily needed by individuals, businesses, or organizations who are involved in the rehabilitation or preservation of certified historic structures.
2. This credit is designed to incentivize the investment in the preservation of historically significant buildings and properties.
3. Any taxpayer who meets the eligibility criteria, including owning or leasing a certified historic structure and incurring qualified rehabilitation expenditures, can benefit from claiming the historic preservation credit k-35.
4. It is important to note that each taxpayer's specific circumstances may vary, and it is recommended to consult with a tax professional to determine eligibility and maximize the potential benefits of this credit.

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What is historic preservation credit k-35?

Historic preservation credit K-35 is a tax credit aimed at incentivizing the preservation of historic buildings and properties.

Who is required to file historic preservation credit k-35?

Property owners or developers who have performed qualified rehabilitation work on historic buildings may be required to file for historic preservation credit K-35.

How to fill out historic preservation credit k-35?

To fill out historic preservation credit K-35, property owners or developers must provide information about the qualified rehabilitation work done on historic buildings, along with supporting documentation.

What is the purpose of historic preservation credit k-35?

The purpose of historic preservation credit K-35 is to encourage the preservation of historic buildings and properties by providing a tax credit for qualified rehabilitation work.

What information must be reported on historic preservation credit k-35?

Information such as the address of the historic property, details of the qualified rehabilitation work, and any other relevant documentation must be reported on historic preservation credit K-35.