Tax credit or funding for historic structure
My wife and I bid on an historic house that had been disassembled and stored for a number of years in a barn in Old Tappan, New York.
The town had the intention of reassembling the house. After 6 years of failing to raise the money the town's historical society auctioned the house.
My wife and I live in a small hamlet on the Hudson River next to one of the oldest churches in Rockland County. It is a perfect setting for this old house.
We have yet to start the project partly because the initial proposal describing the costs involved in reassembling the house has almost doubled. We intend to go forward but we will be digging deeper into our pockets to complete this project - than first expected.
The house is named for the original owner - Doctor Sharpless. The Sharpless House is an historic structure. And we're wondering if there is a tax credit program in New York State or tax incentive that we can apply for that would assist us?
Thank you for your time,
Tad & Amy Hyde, Palisades, New York
Re: Tax credit or funding for historic structure
I am not a tax professional and I don't live in New York. I do have some suggestions though. In my home state for tax questions relating to tax credits I have called my county tax assesors office. I have heard of tax credits for fixing up historic houses but really can't say if they would have that available in New York. So definitely call your states assesment office.
As for funding have you thought of asking for a small business administration loan? If you want to use the house as a bed and breakfast you might qualify for a small business administration loan. It certainly is worth a try anyway. I would also call the Internal Revenue Service and ask them about your property. It is posssible that you could claim this house on your taxes.
I certainly wouldn't hesitate either to consult a tax professional in your area who can better advise you.
Since the house was in Old Tappan they might even be willing to give you a loan as well at a very reasonable interest rate. The interest of which is tax deductible. I would also call your states historic commission or county historic commission to see what they have to say about the house.
The best advice of all though is to do some number crunching and budget figuring. The house I am sure can stay in storage for a while longer. You might find that this is too expensive for you and there certainly is no shame in calling it quits before you get too far in debt. Besides the tax credit question you will want to look over your house before it is re-assembled if you haven't already and see about rot and other things it might need. So there certainly are many questions to answer. Good luck on your project and I hope you enjoy your new house.