Get Form It-256-i: 2004, Instructions For Form It-256 Claim For Special Additional Mortgage Recording

Filling out Form IT-256-I for the special additional mortgage recording tax credit can be straightforward with the right guidance. This guide provides clear, step-by-step instructions for individuals and entities looking to claim this credit for eligible mortgages recorded in New York State.

Follow the steps to fill out the form accurately and efficiently.

1. Click the ‘Get Form’ button to obtain the form and open it in your preferred editor.
2. Begin with Part 1. Enter your personal information and specify the amount of special additional mortgage recording tax paid on each mortgage recorded on or after January 1, 2004. If you are the lender, include the amount you paid for a residential mortgage.
3. If you are claiming a credit for more than five properties, complete additional Forms IT-256 as necessary. On the first Form IT-256, ensure you complete Parts 1 through 5. On line 1, total the amounts from column D of all additional forms and attach those additional forms to the back of the first.
4. Next, if you are part of a partnership, proceed to Part 2. Enter the relevant details for each partnership or estate or trust for which you will receive a share of the special additional mortgage recording tax credit.
5. In Part 3, enter your portion of the total credit received from each applicable partnership, estate, or trust. If involved with multiple entities, total the shares accordingly.
6. Move to Part 4 if you are an estate or trust. This section requires you to allocate or assign the credit to your beneficiaries based on their proportionate share of income.
7. Conclude by completing Part 5, where you will compute the net special additional mortgage recording tax credit available for the current tax year. Add the appropriate lines to determine the credit.
8. Once all sections of the form are filled out, you can save your changes, download the completed form, print it for your records, or share it as needed.

Start completing your Form IT-256-I online today for a seamless application process.