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This form is used to report the recapture of the low-income housing credit as part of the New York State tax return process.
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How to fill out recapture of low-income housing
How to fill out Recapture of Low-Income Housing Credit
01
Gather all necessary documentation related to the low-income housing project.
02
Determine the period of compliance for the housing credit.
03
Calculate the amount of housing credit claimed during the compliance period.
04
Identify any changes in the status of the low-income units.
05
Assess any violations of the low-income occupancy requirements.
06
Calculate the recapture amount based on the number of non-compliant units and the duration of non-compliance.
07
Complete the appropriate IRS forms (e.g., Form 8823) to report the recapture.
08
Submit the completed forms with necessary attachments to the IRS.
Who needs Recapture of Low-Income Housing Credit?
01
Developers and owners of low-income housing projects who have received tax credits.
02
Investors in low-income housing tax credit projects.
03
Tax professionals and accountants managing low-income housing credit compliance.
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People Also Ask about
What is the form 8611 for recapture of low-income housing credit?
Use this form if you must recapture part of the low-income housing credit you claimed in previous years because the qualified basis decreased from one year to the next or you disposed of a building, or your interest therein, and you did not follow the procedures that would have prevented recapture of the credit.
What is the recapture of credits?
The credit recapture amount is defined in IRC §42(j)(2) as the aggregate of the accelerated portion of the credit claimed in each prior year plus interest at the overpayment rate beginning on the due date for filing the tax return on which the credit was claimed.
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.
What is the purpose of recapture?
Recapture allows a seller of some asset or property to reclaim some or all of it at a later date. The seller will have the option to buy back what has been sold, within a certain window of time, often at a higher price than what it was initially sold for.
How does the low-income housing tax credit work?
The LIHTC gives investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing. Investors' equity contribution subsidizes low-income housing development, thus allowing some units to rent at below-market rates.
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.
What does recapture mean on taxes?
Recapture tax is paying back the federal government for the benefit of a lower interest mortgage loan. When tax-exempt mortgage bonds are used for financing, the borrower receives a benefit.
How do I know if I qualify for an investment credit recapture?
IRS Form 4255 is used to calculate how much additional tax you might owe if you need to "recapture" (or pay back) some or all of an investment credit you previously claimed. You might need to do this if: You sold or got rid of the property within 5 years of placing it in service.
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What is Recapture of Low-Income Housing Credit?
Recapture of Low-Income Housing Credit refers to the process by which the IRS recovers previously granted tax credits when certain conditions, such as a change in property eligibility or ownership, occur within the compliance period.
Who is required to file Recapture of Low-Income Housing Credit?
The owner of the low-income housing property is required to file the recapture when the conditions that trigger recapture are met, such as a significant reduction in the number of low-income units or a sale of the property before the compliance period ends.
How to fill out Recapture of Low-Income Housing Credit?
To fill out the Recapture of Low-Income Housing Credit, the owner must complete Form 8611, indicating the amount of credit being recaptured, the reason for the recapture, and providing relevant property details and compliance information.
What is the purpose of Recapture of Low-Income Housing Credit?
The purpose of the Recapture of Low-Income Housing Credit is to ensure compliance with the tax benefits provided under the Low-Income Housing Tax Credit program and to recapture benefits that were granted based on low-income occupancy that no longer meets required criteria.
What information must be reported on Recapture of Low-Income Housing Credit?
The information that must be reported on the Recapture of Low-Income Housing Credit includes the total amount of credit being recaptured, the reason for recapture, the name and address of the facility, and details regarding the number of low-income units affected.
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