Like HowStuffWorks on Facebook!

10 Tax Benefits of Owning a Historic Property


5
10 Percent Rehabilitation Credit
Was your property built before 1936? You may be eligible for additional tax credits.
Was your property built before 1936? You may be eligible for additional tax credits.
Werner Dieterich/Photographer's Choice/Getty Images

OK, so you're having a hard time being designated as "historic." You might still be able to get a tax break for renovations on your business. If your building was put into service before 1936, you can apply for and receive 10 percent back on the cost of renovations that preserve the building's original character. For example, if you spent $100,000 to renovate the 1935 building that houses your business, you could receive $10,000 in tax credits.

Like the 20 percent renovation tax credit for buildings listed on the NRHP, this 10 percent rehabilitation credit for business in buildings built before 1936 is administered jointly by the National Park Service and the IRS [source: Internal Revenue Service].


More to Explore