Yes, 45L tax credits can be claimed retroactively if they have been missed on prior tax returns. Since 45L tax credits are triggered in the year that a dwelling unit is first leased or sold, some taxpayers incorrectly think that the tax credits need to be claimed timely on current year tax returns. In reality, there are different ways that a taxpayer can retroactively claim missed 45L tax credits with the most common way being to simply amend prior tax returns. In most cases, taxpayers have a 3-year window from when they originally filed a tax return to amend a return. In certain situations, taxpayers may be able to avoid amending returns and may be able to claim tax credits even further back. It can be complex, which is why KBKG’s team of experts can work with your tax preparer to make sure that all the angles for retroactively claiming credits are addressed and can make sure that the opportunity for claiming credits is maximized.
Of course, the first step for retroactively claiming 45L tax credits is to determine the tax credits that can be claimed. KBKG has a stellar track record for maximizing the tax credits for the largest developers and builders in the U.S. If you have a need for 45L tax credits, contact us today to see how we can help.