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This form is used by owners of residential low-income rental buildings to obtain a housing credit allocation from the housing credit agency, allowing them to claim a low-income housing credit over
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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 local IRS office.
02
Fill out Part I of Form 8609 with information about the property, including the address and the owner's name.
03
Complete Part II, providing details about the qualified basis and the number of low-income units.
04
Sign and date the form in the designated areas.
05
Submit a copy of Form 8609 to the IRS and keep a copy for your records.
06
Track deadlines to ensure timely submission for tax credits.
Who needs Form 8609?
01
Owners of low-income housing projects seeking to claim Low-Income Housing Tax Credits.
02
Non-profit organizations that operate subdivision projects under federal housing programs.
03
Developers of projects that have received allocations of housing credits from state agencies.
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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 the 'Low-Income Housing Credit Allocation Certification' used by property owners to claim low-income housing credits for qualified properties.
Who is required to file Form 8609?
Property owners or developers of low-income housing projects that have been allocated housing credits by state housing agencies are required to file Form 8609.
How to fill out Form 8609?
To fill out Form 8609, property owners need to provide information about the property, including the allocation of credits, the number of low-income units, and other details as specified in the form. Sections must be completed accurately, and the form should be signed and dated.
What is the purpose of Form 8609?
The purpose of Form 8609 is to certify the allocation of low-income housing credits and ensure compliance with federal tax regulations relating to low-income housing.
What information must be reported on Form 8609?
Information reported on Form 8609 includes the property's address, the name of the owner, the number of low-income units, the amount of housing credit allocated, and compliance with income and rent restrictions.
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