HISTORIC REHABILITATION

    Tax credits (both federal and state) are available as incentives to rehabilitate properties which are historically significant.  Rehabilitation Tax Credits reduce the amount of income taxes owed by tax payers who rehabilitate qualifying historic buildings.

Reduce my taxes owed = A good thing

For several months now I have been working on our historic rehabilitation forms.  Since we are not a commercial building we may apply only for the state tax credit.  As one might imagine there is a maze of regulations to navigate.  And OHHHhhhh, the paperwork involved in this process!

    Our Hawthorne house is located in a designated historic district on the National Register.  The house, in fact, is pictured in an early photo in the book RICHMOND: A Pictorial History from the Valentine Museum and Dementi Collections by Thomas F. Hale.  I have spent hours writing and documenting and detailing the condition of this house (upon purchase in March 2011) in order to qualify for the aforementioned  tax credits.  Today I hand delivered all the documentation and official forms to the Virginia Department of Historic Resources and left with my fingers crossed.