The Taylor-Gaylor (soon to be Taylor-Gaylor-Gaylor) House is a historic property.  Not just for our family, but for the state of NC.  Charles and I wouldn’t dream of doing anything to it that would take away from it’s historical charm–except for maybe to rip out that green tub!  ;)

So far in this process, we have learned a lot about the tax credits that NC has to offer homeowners who are renovating or restoring (or “rehabilitating,” so I’m told) a historic property.  There is a federal credit of 20% for restoring income-producing property, so we won’t qualify for that.  No way we are renting this place out after all of our hard work on our dream home!!  But NC has a 30% credit for homeowners restoring a historic residence.  It’s called the State Historic Rehabilitation Tax Credit Program (catchy, huh?).

Here’s a few more interesting facts:  first, the building must be registered with the National Register of Historic Places.  Luckily, our house is located in one of the three cities in NC that are certified historic districts, so we shouldn’t have a problem there.  Next, we must spend over $25,000 in a 24-month period.  Oh lawd, please don’t let it take that long!!!  But of course there’s a catch–all rehabilitation work must meet the Secretary of the Interior’s standards.  This means that we would be wise to run all of our plans by the Department before making any changes.  And I’ve heard they are sticklers!  But hey, for a 30% credit on all renovation work, that’s totally worth it!

I would definitely encourage anyone interested in restoring a historic home to look into these tax breaks.  You can find more information here.  Preservation NC’s website also has lots of information.

And last but not least…for those of you who know the joke…”Let’s all go to rehab!” :)