Get the free DTF-624 - tax ny

This form is used to claim the Low-Income Housing Credit in New York, requiring details about the credit calculation, partner and shareholder shares, and any attached forms.

How to fill out dtf-624 - tax ny

How to fill out DTF-624

1. Obtain the DTF-624 form from the New York State Department of Taxation and Finance website or your local tax office.
2. Fill in the taxpayer's name and address in the designated fields.
3. Provide the taxpayer identification number (such as SSN or EIN).
4. Enter the relevant tax year for which you are filing the form.
5. Complete the sections related to tax credits and deductions as applicable.
6. Review the instructions for any specific lines that may require additional information.
7. Sign and date the form once everything is filled out correctly.
8. Submit the form as instructed, either via mail or electronically, as required.

Who needs DTF-624?

1. Individuals or businesses in New York State who are applying for certain tax credits or refunds.
2. Tax preparers assisting clients in claiming tax benefits.
3. Any taxpayer required to report their taxes in relation to DTF credits.

People Also Ask about

How much is the housing credit?

The percentage is larger for new construction or substantial rehabilitation (roughly 9 percent but specified in the law as a 70 percent present value credit) than for properties acquired for rehabilitation or for projects funded using tax-exempt bonds (roughly 4 percent but specified as a 30 percent present value

What is the difference between hud and LIHTC?

While the LIHTC program requires the property to be affordable for a certain period, HUD requires the property to remain affordable permanently, so your housing affordability will not be impacted by the LIHTC program.

What is the 50% test for low income housing tax credit?

The test is to verify that 50% or more of the tax-exempt bond proceeds are used to finance the aggregate basis of any building and the land on which the building is located. Failure to meet the 50% Test is catastrophic to a low-income housing tax credit project.

How much does the low-income housing tax credit cost?

An LIHTC housing project must rent to tenants whose average income is below the area's median income, and this commitment must be maintained for a period of 15 years. The tax credit costs the U.S. government an estimated $13.5 billion every year.

How to qualify for 4% LIHTC?

A project qualifies to receive the 4 percent credits if at least 50 percent of its funding comes from tax-exempt private activity bonds provided by the state, and it meets some criteria set out in the state's QAP.

What is the form 8586 for low-income housing credit?

Use Form 8586 to claim the low-income housing credit. This general business credit is allowed for each new qualified low-income building placed in service after 1986. Generally, it is taken over a 10-year credit period.

For pdfFiller’s FAQs

What is DTF-624?

DTF-624 is a form used in New York State for claiming a credit for non-resident sales tax paid on behalf of certain purchases made in a different state.

Who is required to file DTF-624?

Individuals and businesses that have made purchases in another state and paid sales tax, that want to claim a tax credit on their New York State tax return.

How to fill out DTF-624?

To fill out DTF-624, provide your personal information, details of the purchases, the amount of sales tax paid, and any applicable documentation to substantiate your claim.

What is the purpose of DTF-624?

The purpose of DTF-624 is to allow taxpayers in New York State to recover or claim a credit for sales tax they paid to another state on taxable purchases.

What information must be reported on DTF-624?

You must report your name, address, the type of items purchased, sales tax paid, dates of the purchases, and other relevant transaction details.