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  • Tc49er041-2 Recapture Of Iqie Frm Prop Tax 7-28-04 V5. Tc49er041-2 Recapture Of Iqie Frm Prop Tax

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Cial Security Number or EIN PART I -- IDENTIFY PROPERTY THAT CEASED TO QUALIFY AS IDAHO INVESTMENT TAX CREDIT PROPERTY Asset Number Asset Description A B C D E PART II -- PROPERTY TAX BENEFIT TO BE RECAPTURED A 1. Date asset was placed in service 2. First year exemption claimed ....... B Assets C 1234567890123456789012345678901212345678901234567890 1234567890123456789012345678901212345678901234567890 1234567890123456789012345678901212345678901234567890 123456789012345678901234567890121234.

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A federal law commonly known as "recapture tax" applies to borrowers who buy their homes using the Single Family Mortgage Bond Programs. Recapture tax requires some mortgagors to repay the government a portion of their gain upon sale of the home if they financed their home with a Mortgage Revenue Bond (MRB) loan.

Depreciation recapture is taxed at an investor's ordinary income tax rate, up to a maximum of 25%. Remaining profits from the sale of a rental property are taxed at the capital gains tax rate of 0%, 15%, or 20%.

New York is one of only two (2) states that have a “tax benefit recapture”. This is where the top tax rate of 10.90% is applied to all your income if it exceeds the top tax bracket (the other state is Connecticut).

Taxpayers that claim ITCs may be required to recapture a portion of the credit if the ITC-eligible property is disposed of or otherwise ceases to be investment tax property during a five-year recapture period (Sec. 50(a) (1)(A)). That period starts when the property is placed in service.

Recapture tax is paying back the federal government for the benefit of a lower interest mortgage loan. When tax-exempt mortgage bonds are used for financing, the borrower receives a benefit.

You must complete IRS Form 8828, Recapture of Federal Mortgage Subsidy, to determine if you owe the Federal Recapture Tax.

Depreciation recapture is a tax provision for the IRS to collect taxes on a profitable sale of an asset that the taxpayer had used to offset taxable income. 1. Depreciation recapture on non-real estate property is taxed at the taxpayer's ordinary income tax rate.

If you're in the situation where you have to file IRS Form 4255, you might have to pay back a tax credit you've earned in prior years. This process, known as recapture, occurs if you claim a credit—in this case, a credit for a specific type of business investment—and then no longer qualify for that credit.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232