ScheduleHR: ScheduleHR (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule HR calculates the supplement to the federal historic rehabilitation tax credit and the state historic rehabilitation credit for individuals. It reports qualifying rehabilitation expenditures or preservation costs, credit carryovers, passed-through credits, and
Who files this form
Use 2024 Wisconsin Schedule HR to report historic rehabilitation credits:
- Part I: The supplement to the federal historic rehabilitation tax credit, including credits passed through from other entities, transferred credits, and unused credit carryovers.
- Part II: The state historic rehabilitation credit. This part is for individuals only.
- Part III: Information about transfers of the supplement to the federal historic rehabilitation tax credit in 2024.
What you'll need
Depending on the credit you report, have the following ready:
- WEDC certification for the Part I credit on line 3.
- WHS certification for each project reported on Part II, lines 13a through 13f. The form refers to instructions for certification details, but those instructions are not included here.
- Schedule CF if you report an unused credit carryover or do not use the available credit in full.
- The rehabilitated property's address, building adjusted basis, rehabilitation period dates, and qualifying expenditures or preservation costs, as requested in the applicable part.
- Entity names, FEINs, and credit amounts for credits passed through from other entities.
- Names, identifying numbers, addresses, and the transferred amount for a credit transfer reported in Part III.
How to file
File Schedule HR with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5S, or 6.
Complete the applicable credit sections and include the certifications and Schedule CF where required. Complete Part III for transfers of the supplement to the federal historic rehabilitation tax credit in 2024.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Using different claim timing from the federal credit: Part I says you must claim the credit at the same time as for federal purposes, unless the credit is transferred from another taxpayer.
- Exceeding the Part II cost limit: Do not enter more than $40,000 per project on line 13, or $20,000 if married filing separately.
- Leaving out certifications: Include WEDC certification for line 3 and WHS certification for each project on lines 13a through 13f.
- Leaving out Schedule CF: Include it for unused credit carryovers and when the available credit is not used in full.
- Missing the rounding instruction: Round the amount on Part I, line 3, to the nearest dollar.
Questions people ask
Is Part II available to businesses?
Part II is labeled “Individuals Only.”
How is the state historic rehabilitation credit calculated?
Line 14 is 25% of the total qualified preservation costs on line 13g. Costs entered on line 13 are limited to $40,000 per project, or $20,000 if married filing separately. Line 16 adds the credit on line 14 and any unused state credit carryover on line 15.
Where do I report credits transferred in 2024?
Report credits received from other taxpayers on Part I, line 6, and credits transferred to other taxpayers on line 10. Part III asks for information about the person eligible to claim the credit, the recipient, and the transferred amount.
What if I have an unused credit carryover?
Report an unused supplement to the federal historic rehabilitation tax credit on line 8. Report an unused state historic rehabilitation credit on line 15. Include Schedule CF.