What is Form ST-124?
Form ST-124, Certificate of Capital Improvement, is important for property owners in New York. It helps them claim a sales tax exemption for certain improvements to real property, such as renovations or upgrades. By completing this form, you can avoid paying sales tax on materials and services used in these capital improvements. Filing it correctly ensures you take advantage of tax savings and comply with state tax laws, making it a crucial step in your property improvement projects.
What is Form ST-124 used for?
Form ST-124 is used to claim exemptions from sales tax for certain improvements. Here’s what it’s used for:
- to document qualifying capital improvements.
- to provide proof for tax exemptions.
- to support compliance with tax regulations.
How to fill out Form ST-124?
- 1
Open Form ST-124 in the PDF editor.
- 2
Fill in your name, address, and contact information in the designated fields.
- 3
Describe the capital improvement project in detail.
- 4
Review all entries for accuracy.
- 5
Add an electronic signature.
- 6
Click Done to download your completed form.
- 7
Submit the printed form to your local tax authority.
Who is required to fill out Form ST-124?
Property owners, tenants, and contractors complete form ST-124 for capital improvement work. They provide necessary details for tax purposes.
Customers receiving capital improvement services use the form, as do contractors to validate their work.
When is Form ST-124 not required?
Form ST-124 is not necessary for repair, maintenance, or installation services that do not qualify as capital improvements. If you're simply fixing or maintaining property, skip this form.
Additionally, when purchasing building materials or other tangible personal property, ST-124 cannot be used for tax-free purchases. Work performed for exempt organizations is also exempt if they provide Form ST-119.1.
When is Form ST-124 due?
The deadline for Form ST-124 is within 90 days after the capital improvement services are rendered. It is best to provide this form at the time of the sale or start of the project.
If you are using a blanket certificate for multiple purchases from the same contractor, make sure to complete the form before or at the time of purchase. Timely submission helps ensure you receive appropriate tax benefits.
How to get a blank Form ST-124?
To get a blank form ST-124,visit our website where it is pre-loaded in our editor. You can fill it out and download it easily.
This form is issued by the New York State Department of Taxation and Finance.
How to sign Form ST-124 online?
To sign form ST-124, start by opening the form in PDF Guru. Once the blank version loads, fill in all necessary fields. After completing the form, you can create a simple electronic signature.
When ready, click "Done" to download your signed form. Always consult official sources for specific signature requirements to ensure compliance with regulations.
Where to file Form ST-124?
Form ST-124 must be submitted to the contractor performing the capital improvement work.
This form is kept between the customer and contractor.
