ScheduleHR-5: ScheduleHR-5 (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule HR-5 reports the Wisconsin supplement to the federal historic rehabilitation tax credit for a five-year credit claim. It records property information, qualifying rehabilitation expenditures, and credits being claimed and transferred. It is filed with Wisconsin
Who files this form
The 2024 Wisconsin Schedule HR-5 is for claiming and transferring the Wisconsin supplement to the federal historic rehabilitation tax credit under a five-year credit claim.
The form covers claimants who:
- Own the rehabilitated historic property and calculated the credit from their rehabilitation expenditures.
- Received a credit allocation as an owner of a pass-through entity.
- Received the credit in a previous transfer approved by the Wisconsin Department of Revenue and are transferring it again.
File Schedule HR-5 with Wisconsin Form HR-T.
What you'll need
Have the information needed for your claim available:
- Your name, FEIN or SSN, address, and contact information.
- The rehabilitated property's name and address.
- For property-owner claims: the WEDC contract number, property basis, rehabilitation expenditures, and measuring-period dates. For credits reported previously, have the total five-year credit amount and the first tax year reported on Schedule HR.
- For pass-through allocations: the WEDC contract number, entity name and FEIN, allocation dates, total credit allocated, and amounts previously claimed.
- For previously transferred credits: the transferor's name and Wisconsin tax account number, the amount and year received, and the date on the Notice of Certification.
- Any other Schedules HR-5 whose credits you include on line 6.
How to file
File the 2024 Schedule HR-5 with Wisconsin Form HR-T.
Complete the claimant and property information. In Section C, check all credit-source boxes that apply and complete the corresponding parts:
- Line 3 for property-owner credits.
- Line 4 for pass-through entity allocations.
- Line 5 for credits received in a previous transfer.
The supplied form does not give a mailing address or electronic filing instructions.
Common mistakes
Follow these reminders printed on the form:
- File Schedule HR-5 with Wisconsin Form HR-T.
- On line 2, check all credit-source boxes that apply, not just one, and complete the corresponding lines.
- On line 3j, calculate 20% of line 3i and round to the nearest dollar.
- Fiduciaries must divide the line 1 credit between the entity and its beneficiaries in proportion to the income allocable to each.
Questions people ask
How is the credit calculated for a new property-owner claim?
Line 3j is 20% of the qualified rehabilitation expenditures on line 3i, rounded to the nearest dollar. The form says this total credit must be claimed over five years beginning in the current year.
Which years are listed for the five-year credit?
For the amount claimed and transferred on line 3k, the 2024 form lists 20% as available in each of 2024, 2025, 2026, 2027, and 2028.
What if I reported the credit in an earlier year but am transferring it now?
Lines 3l through 3o cover credits previously claimed on Schedule HR but not transferred until the current year. They ask for the WEDC contract number, total five-year credit, first tax year reported, and amount being claimed and transferred now.
How do I report credits from other Schedules HR-5?
Enter the total credits from those schedules on line 6.