IT-256: Claim for Special Additional Mortgage Recording Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-256 claims New York’s special additional mortgage recording tax credit. It reports qualifying tax paid, credit shares received from partnerships or estates or trusts, and unused credit from prior periods, and calculates the credit used, refunded, or carried forward.
Who files this form
Form IT-256 is used to claim the special additional mortgage recording tax credit. It includes sections for individuals, including sole proprietors, partnerships, and fiduciaries.
If you are a partner or an estate or trust beneficiary who received a share of this credit, complete the partnership or estate or trust information in Part 2 and your share of the credit in Part 3.
The form refers to separate instructions for details about which mortgage recording tax payments qualify.
What you'll need
Have the following information ready:
- Your name as shown on your return and taxpayer identification number.
- For each property: the address, date the mortgage was recorded, mortgage amount, and special additional mortgage recording tax paid.
- The total number of properties included in the claim.
- Any unused special additional mortgage recording tax credit from earlier periods.
- Your tax due before credits and credits applied before this credit.
If you received a share of the credit from a partnership, estate, or trust, you will also need its name, employer identification number, entity type, and your share of the credit.
Fiduciaries need beneficiary names as shown on Form IT-205, Schedule C, identifying numbers, and credit shares. Fiscal-year filers must enter their tax period's beginning and ending dates.
How to file
Submit Form IT-256 with Form IT-201, IT-203, IT-204, or IT-205.
Use a separate line for each property. If you need more lines, submit additional Forms IT-256 and enter their combined column D total on line 1. Line 1 also provides for totals from spreadsheets.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Combining properties on one line: Use a separate line for each property.
- Leaving out additional property totals: Enter the column D totals from additional forms or spreadsheets on line 1, and include line 1 when calculating line 2.
- Using the wrong entity code in Part 2: Enter P for a partnership or ET for an estate or trust.
- Putting fiduciary amounts on the wrong lines: Fiduciaries must include lines 2 and 5 in the Total line of Part 4, column C. Fiduciaries must not make an entry on line 7.
Questions people ask
Can I include more than one property?
Yes. Use a separate line for each property and enter the total number of properties on line A. If more lines are needed, submit additional Forms IT-256.
Where do I report a credit received from a partnership, estate, or trust?
List the entity information in Part 2. In Part 3, enter your partnership share on line 3 and your estate or trust share on line 4, then add them on line 5.
Where do I enter unused credit from earlier periods?
Enter it on line 10. Add that amount to your current-year credit on line 9 to calculate total available credit on line 11.
How much credit can I use for the current year?
Line 15 directs you to enter the smaller of your total available credit on line 11 or your net tax on line 14. The form also refers to the instructions for this calculation.
How does the form calculate a refund or carryforward?
Subtract the credit used on line 15 from the total available credit on line 11 to get unused credit on line 16. Line 17 is the smaller of the current-year credit on line 9 or unused credit on line 16. Enter the amount from line 17 you want refunded on line 18, which refers to the instructions. Subtract line 18 from line 16 to calculate the carryforward on line 19.