Get the free 1998 Form 8586. Low-Income Housing Credit - irs

Form 8586 OMB No. 1545-0984 Low-Income Housing Credit Department of the Treasury Internal Revenue Service 1998 Attachment Sequence No. Attach to your return. Name(s) shown on return Part I 1 2 3a

How to fill out 1998 form 8586 low-income

How to fill out 1998 form 8586 low-income?

1. Start by obtaining a copy of the form. You can request it from the Internal Revenue Service (IRS) or download it from their website.
2. Before filling out the form, gather all the necessary information and documents. This includes details about your low-income housing project, such as the address, number of units, and low-income tenant information.
3. Begin by providing your personal information, including your name, address, and taxpayer identification number. If you are married and filing jointly, ensure you provide the same information for your spouse.
4. Move on to Section A of the form, where you will report information about your low-income housing project. This includes the project name, address, and the number of low-income units available.
5. In Section B, provide details about any low-income tenants who did not occupy their units for the entire year. This includes their names, Social Security numbers, and the number of months they did not occupy the unit.
6. In Section C, you will report the low-income tenant income. This includes the total annual income for each tenant, as well as specific deductions like welfare payments or any unreimbursed medical expenses.
7. Proceed to Section D, where you will calculate the total qualified basis of your low-income housing project. This can be determined by multiplying the number of low-income units by the eligible basis allocated to each unit.
8. In Section E, you will compute the low-income housing credit using the appropriate percentages allocated for your project. This calculation takes into account the total qualified basis, applicable fractions, and any special adjustments.
9. Finally, review the form for accuracy and ensure that all required fields are completed. Sign and date the form before submitting it to the IRS.

Who needs 1998 form 8586 low-income?

1. Owners of low-income housing projects who are eligible for the low-income housing credit need the 1998 form 8586 low-income. This form is used to calculate and claim the low-income housing credit for a specific tax year.
2. The form is also required for those who are directly or indirectly involved in the ownership, operation, or management of a qualified low-income housing project and wish to claim the low-income housing credit on their tax return.
3. It is important to note that this form is specific to the tax year 1998. Subsequent years may require different versions of the form, so it is crucial to use the appropriate form for the corresponding tax year.

For pdfFiller’s FAQs

How can I edit 1998 form 8586 low-income from Google Drive?

pdfFiller and Google Docs can be used together to make your documents easier to work with and to make fillable forms right in your Google Drive. The integration will let you make, change, and sign documents, like 1998 form 8586 low-income, without leaving Google Drive. Add pdfFiller's features to Google Drive, and you'll be able to do more with your paperwork on any internet-connected device.

How do I fill out the 1998 form 8586 low-income form on my smartphone?

You can easily create and fill out legal forms with the help of the pdfFiller mobile app. Complete and sign 1998 form 8586 low-income and other documents on your mobile device using the application. Visit pdfFiller’s webpage to learn more about the functionalities of the PDF editor.

How do I fill out 1998 form 8586 low-income on an Android device?

Use the pdfFiller app for Android to finish your 1998 form 8586 low-income. The application lets you do all the things you need to do with documents, like add, edit, and remove text, sign, annotate, and more. There is nothing else you need except your smartphone and an internet connection to do this.

What is form 8586 low-income housing?

Form 8586 is used to calculate the low-income housing credit a taxpayer can claim.

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

Taxpayers who have successfully completed low-income housing projects are required to file form 8586.

How to fill out form 8586 low-income housing?

To fill out form 8586, you need to provide information about the low-income housing project and calculate the eligible basis and qualified basis for the low-income housing 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 can be claimed by a taxpayer.

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

Form 8586 requires the reporting of information such as the address and identification number of the low-income housing property, the eligible basis, and the qualified basis for the low-income housing credit.