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This document provides instructions for Form 8609, which is utilized for the allocation and certification of low-income housing credits for residential rental buildings. It outlines requirements,
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How to fill out form 8609 - irs
How to fill out Form 8609
01
Obtain Form 8609 from the IRS website or your tax advisor.
02
Fill in the name of the building and the address in Part I.
03
Indicate the total number of units and the number of low-income units.
04
Provide information regarding the property owner and any partners.
05
Complete the section regarding qualified basis and applicable percentages.
06
If there's a designated housing credit agency, include their information.
07
Sign and date the form as the owner or authorized representative.
08
Submit the completed form to the appropriate agency, usually your state housing agency.
Who needs Form 8609?
01
Real estate developers or property owners claiming the Low-Income Housing Tax Credit (LIHTC) for eligible buildings.
02
Investors in affordable housing projects to certify compliance with program requirements.
03
Businesses or organizations involved in low-income housing programs.
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People Also Ask about
What is the legal definition of recapture?
Recapture refers to the process of reclaiming or recovering an amount previously given, typically in the context of financial or tax-related transactions.
What is the IRS form 8609 used for?
This form can be used to: obtain a housing credit allocation from the housing credit agency, and. certify certain information.
What triggers recapture?
Key triggering events for depreciation recapture include the sale of a depreciable asset, business asset disposition, and conversion of property.
What is the meaning of recapture amount?
Depreciation recapture is the gain received from the sale of depreciable capital property that must be reported as income. Depreciation recapture is assessed when the sale price of an asset exceeds the tax basis or adjusted cost basis. The difference between these figures is thus "recaptured" by reporting it as income.
What does recapture of credits mean?
Recapture refers to the government's recovery of a taxpayer's gain from beneficial treatment—such as depreciation tax credits, deductions , or other tax credits—since the beneficial treatment no longer applies. For example, 26 U.S.C.
Who elected the minimum set aside on IRS form 8609?
The minimum set-aside election for a project is made by the owner after the first year of the credit period on IRS Form 8609 line 10(c).
What does 8609 mean?
Form 8609 is the IRS document that credit allocating agencies give to property owners, evidence that the owner is eligible to claim low-income housing tax credits. Credit allocating agencies accomplish this by completing and signing part one of the Form 8609.
What is the meaning of recapture of low-income housing credit?
Conditions for recapture of the credit And, the building must continue to meet certification requirements. If not, the owner may have to recapture a portion of the credit allocation using Form 8611, Recapture of Low-Income Housing Credit. Recapture refers to adding back income that a credit previously reduced.
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What is Form 8609?
Form 8609 is a form used by the Internal Revenue Service (IRS) in the United States for the purpose of claiming the Low-Income Housing Tax Credit (LIHTC). It is a key document that helps track the eligibility of properties for this tax credit.
Who is required to file Form 8609?
Developers of low-income housing who want to claim the Low-Income Housing Tax Credit are required to file Form 8609. Additionally, owners of properties that qualify for the credit must also file this form.
How to fill out Form 8609?
To fill out Form 8609, you need to provide information such as the number of low-income units in the property, the date the property was placed in service, and various other details about the ownership and finances of the property. Follow the instructions provided by the IRS for specific lines and additional documentation required.
What is the purpose of Form 8609?
The purpose of Form 8609 is to claim and certify eligibility for the Low-Income Housing Tax Credit, which incentivizes the development and rehabilitation of affordable rental housing for low-income individuals and families.
What information must be reported on Form 8609?
Information that must be reported on Form 8609 includes the name and address of the building, the number of low-income units, the eligible basis of the building, the credit amount being claimed, and any changes to the ownership or financing of the property.
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