Get Tc49er041-2 Recapture Of Iqie Frm Prop Tax 7-28-04_v5. Tc49er041-2 Recapture Of Iqie Frm Prop Tax

This guide provides clear instructions on completing the TC49ER041-2 Recapture Of IQIE Frm Prop Tax form. Designed for users with varying levels of experience, the following steps will help you fill out the form accurately and efficiently.

Follow the steps to fill out the TC49ER041-2 Recapture Of IQIE Frm Prop Tax.

1. Click ‘Get Form’ button to obtain the form and access it in the editor.
2. Begin by entering your name(s) and Social Security Number or Employer Identification Number (EIN) at the top of the form. Ensure that this information is accurate to avoid processing delays.
3. In Part I, identify the property that ceased to qualify as Idaho Investment Tax Credit property. Fill in the asset number and provide a brief description of the asset.
4. Proceed to Part II and start by entering the date the asset was placed in service in the appropriate field. Then, indicate the first year in which the exemption was claimed.
5. Complete the details related to the exempted value and property tax levy for both the first and second year, as specified in the form instructions. If the asset was locally assessed, input the relevant average property tax levy for your county.
6. Calculate the property tax benefit to be recaptured by multiplying the exempted value by the average property tax levy. Ensure you add lines 7 and 12 to determine the total benefit subject to recapture.
7. In Part III, indicate the date the asset ceased to qualify and count the number of full years between this date and the date it was placed in service. Use the provided table to determine the recapture percentage based on the number of years.
8. Multiply the property tax benefit by the recapture percentage to find the total property tax recapture amount. Add these amounts from all assets if applicable.
9. Review all provided information for accuracy. Save your changes and prepare to print the form.
10. After ensuring completeness, either download or print the form, attach any necessary payment (check or money order), and submit it as indicated.

Complete your document filing online today for a smooth and efficient process.