Get Ny It-238 2020

The NY IT-238 form is designed for claiming the rehabilitation of historic properties credit. This guide will provide clear, step-by-step instructions for users of all experience levels to effectively fill out the form online.

Follow the steps to complete the NY IT-238 form online.

1. Click the ‘Get Form’ button to access the NY IT-238 form and open it in your preferred online editor.
2. Begin by completing the identifying number and the names as shown on your return. Ensure all filers complete line A, indicating whether you are claiming the credit as an individual, partnership, or fiduciary.
3. Based on your response in step 2, follow the appropriate instructions and complete either Parts 1 or 2 of the form, depending on your status.
4. In Part 1 – Individual information, provide details about the historic property, including the address, type of property, project number, and date of completion.
5. In Schedule B, compute the credit by detailing qualified rehabilitation expenditures and calculate the credit amount based on the given percentages.
6. If applicable, complete Parts 2 and 3 for any partnerships or S corporations, entering your share of the rehabilitation credit as instructed.
7. In Part 5, compute the total credits accumulated from previous steps. Ensure accurate additions and transfers to the right lines, as directed.
8. Proceed to Part 6, focusing on the application of the credit and computation of any carryover amounts for future use.
9. Finally, review all sections for accuracy. Save your changes, and when you are satisfied with the completion, download, print, or share the form as needed.

Complete your NY IT-238 form online today to ensure you claim your rehabilitation of historic properties credit effectively.