Rev. December 2023
Form 4255 (Rev. December 2023) is a tax form from the Internal Revenue Service (IRS), Department of the Treasury, for reporting recapture of investment credit. The document outlines instructions and columns to fill in details of various properties, including their original investment credit rates, credit bases, net changes in financing, and recapture taxes due to increases in nonqualified nonrecourse financing or disposition of properties. This form applies to rehabilitation, energy, advanced coal projects, qualifying gasification projects, qualifying advanced energy projects, and advanced manufacturing investment properties.
Taxpayers who have donated a conservation easement and claimed a tax credit under section 170(h) of the Internal Revenue Code (IRC) must file Form 4255 if they wish to recover additional tax based on an increase in the value of the property after the easement was granted.
No, I do not have any additional properties with eligible credits.
No, I do not have any further information or explanation regarding the energy credit carryforward.
Form 4255 should be filed with the taxpayer's annual income tax return for the year in which the increase in basis occurred, unless the taxpayer requested and received a grant of extension of time to file. The form must be signed by the taxpayer or their representative and certified by the IRS.
Form 4255 requires information about the taxpayer, the conservation easement, the appraised value of the property before and after the conservation easement was granted, the credit taken for the conservation easement, and any previous reductions or carryovers of the credit.
Form 4255, Application for Recovery of Tax Based on Increase in Market Value of Property Involved in a Conservation Easement, is used to calculate and report the increase in tax basis of property due to the donation of a conservation easement.
Form 4255 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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