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2003-03-12 CC Packet
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2003-03-12 CC Packet
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<br />12. Is the property going to be used in your trade or'business or held for investment? . _ Yes _ No <br />If "y&r, .. tIw property sItotdtJ be eligiIJle for tIw credit. <br />~ ~ __ _ ~ If "fI!J," tIw property P'!~aIJ"is~not e~gilJ~.~ ~~!OU~~01JnttmtO(' to:c mJoisor. <br /> <br />e <br /> <br />13. How much tax creditlri11 I receive? <br />Rehabilitation budget (Question 9) <br />x 20 percent <br />Amount of tax credit <br /> <br />14. How much of the tax credit can I take each year? <br />Marginal tax rate (See your accountant) <br />x $25,000 <br />Amount usable under passive loss exception <br />Plus: Amount of tax liability on "passive income" <br />(See accountant) , <br />Total credit available each year <br /> <br />15. What will be the depreciable basis of the <br />rehabilitated property? <br />Pre-rehabilitation basis of the building <br />Plus: rehabilitation expenditure <br />Less: tax credit allowed <br />Dep~eciable basis of the building <br /> <br />16. What will my depreciation be? <br />Depreciable basis (Question 15) <br />Deprecf,ble life (39 years or 27.5 years) <br />Amiualoepreciation <br /> <br />e, <br /> <br /> <br />$ <br />$ <br />$ <br />$ <br /> <br />$ <br />$ <br />$ <br /> <br />4 <br />
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