Get the free 1992 Form 8586. Low-Income Housing Credit - irs

Form 8586 OMB No. 1545-0984 Low-Income Housing Credit Attach to your return. Attachment Sequence No. Identifying number Department of the Treasury Internal Revenue Service 36b Name(s) as shown on

How to fill out 1992 form 8586 low-income

How to fill out 1992 form 8586 low-income:

1. Gather all the necessary information and documents related to the low-income housing tax credit (LIHTC) project for which you are seeking credits.
2. Start by providing basic information on the form, such as the name of the project, name and address of the building owner, and the employer identification number (EIN).
3. Fill out Part I of the form, which focuses on the building information, including the total number of low-income units and the total square footage.
4. Proceed to Part II and provide details on the qualified basis of the building, such as the eligible basis, the low-income units occupied, and the applicable fraction.
5. In Part III, report any low-income housing credit claimed in prior years for the same project, including the amount claimed and any unused credits.
6. Move on to Part IV and calculate the current year's low-income housing credit using the specified formula and rules provided in the form instructions.
7. Complete Part V to determine if there are any credits from the prior year that can be used in the current year, or if there are any current-year credits that can be carried over to future years.
8. Finally, sign and date the form, and make sure to attach any required supporting documents as instructed in the form's guidelines.

Who needs 1992 form 8586 low-income:

1. Property owners or developers who have affordable housing projects and want to claim low-income housing tax credits.
2. Individuals or entities involved in the planning, financing, or managing of low-income housing projects that are eligible for the LIHTC program.
3. Any taxpayer who has been allocated and claimed low-income housing tax credits for the given project in prior years and wishes to report the current year's credit allocation.

For pdfFiller’s FAQs

What is form 8586 low-income housing?

Form 8586 low-income housing is a tax form used to calculate the low-income housing credit, which is a credit given to individuals or businesses that invest in low-income housing projects.

Who is required to file form 8586 low-income housing?

Individuals or businesses that have invested in low-income housing projects and claim the low-income housing credit are required to file form 8586.

How to fill out form 8586 low-income housing?

Form 8586 requires the filer to provide information such as the name and address of the project, the number of qualified low-income units, and the applicable credit percentage. The form also requires various calculations related to the credit.

What is the purpose of form 8586 low-income housing?

The purpose of form 8586 is to determine the amount of low-income housing credit that an individual or business is eligible to claim based on their investment in low-income housing projects.

What information must be reported on form 8586 low-income housing?

Form 8586 requires the reporting of information such as the project name and address, the number of qualified low-income units, the applicable credit percentage, and various calculations related to the credit.

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