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Generating Form IT-256 New York Mortgage Credit in Lacerte

by Lacerte Tax 2023 Updated 10 months ago

To Generate Form IT-256 from the Taxpayer's Mortgage:

  1. Go to Screen 53, Other Credits.
  2. Select New York Mortgage Credit (IT-256) - Individual in the left navigation pane.
  3. Enter the following items:
    • Location of property
    • Date mortgage recorded
    • Amount of mortgage
    • Special additional mortgage tax paid

To Generate Form IT-256 from a Passthrough Entity:

  1. Go to Screen 53, Other Credits.
  2. Select New York Mortgage Credit (IT-256) - Passthrough in the left navigation pane.
  3. Enter the following items:
    • 1=partnership, 2=estate or trust
    • Entity name
    • Employer ID number
    • Share of credit

Note:  Part 4 of Form IT-256 is not presently supported in the Individual module in Lacerte.

Lacerte Tax

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