Get Form It-256: 2007: Claim For Special Additional Mortgage ...

This guide will provide you with a step-by-step approach to filling out the Form IT-256: 2007: Claim for Special Additional Mortgage Recording Tax Credit. Whether you are a taxpayer, partner, or fiduciary, this comprehensive guide is designed to ensure a smooth and efficient filing process.

Follow the steps to fill out Form IT-256 accurately.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Start by entering your tax period in the section labeled 'Fiscal year filers enter tax period: beginning' and 'ending.' Make sure these dates reflect the taxable year for which you are claiming the credit.
3. Provide your taxpayer identification number in the designated field.
4. Input your name as it appears on the first page of your tax return in the specified area.
5. Proceed to Part 1 for individuals, sole proprietors, partnerships, and fiduciaries. Enter the total number of properties included in your claim on line A and list each property in the following lines. If needed, attach additional IT-256 forms for more properties and sum their totals.
6. Fill in the location of the property, the date the mortgage was recorded, and the amount of the mortgage for each property. Make sure to include the amount of special additional mortgage recording tax paid in the appropriate field under column D.
7. Total the amounts from column D in any additional forms you used and enter this on line 1. Then, add column D amounts to get the total special additional mortgage recording tax paid during the current tax year and record this on line 2.
8. For fiduciaries, include the amount from line 2 in the total for Part 4, column C on the back of the form. For all others, record this amount on line 6.
9. If you were a partner or beneficiary, complete Part 2 with details of the partnership or estate or trust from which you are claiming credits. Include the name, type (P for partnership or ET for estate or trust), and employer identification number.
10. In Part 3, enter your share of the credit received from the partnership on line 3. On line 4, record your share from the fiduciary’s Form IT-256. Total these amounts on line 5.
11. In Part 4, fill in details for the beneficiary’s name and share of the special additional mortgage recording tax. Record the total in column C.
12. In Part 5, calculate the available credit for individuals and partnerships. Transfer amounts from previous parts to lines 6, 7, and 8, and add them together to find the total credit available for the current tax year on line 9.
13. If you have unused credit from previous periods, enter this on line 10 and calculate the total credit for the current tax year on line 11.
14. Finally, for Part 6, complete the application of credit and computation of carryover by recording total credits and the amount you applied against your tax. Subtract as directed to find any credits available for carryover.

Complete your Form IT-256 online to ensure a prompt filing process and take advantage of entitled credits.