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Form 8586 OMB No. 1545-0984 Low-Income Housing Credit Department of the Treasury Internal Revenue Service 96 Attachment Sequence No. Attach to your return. Name(s) shown on return Part I 1 2 3a b

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What is form 8586 - internal?

Form 8586 - internal is a tax form used by individuals or businesses to calculate the Low-Income Housing Credit that can be claimed as a tax credit on their federal income tax return.

Who is required to file form 8586 - internal?

Individuals or businesses that have invested in or own low-income housing properties may be required to file form 8586 - internal.

How to fill out form 8586 - internal?

To fill out form 8586 - internal, you will need to provide information such as the total number of low-income housing units, the qualified basis of the property, and the applicable credit percentage. Detailed instructions can be found on the IRS website or in the official form instructions.

What is the purpose of form 8586 - internal?

The purpose of form 8586 - internal is to calculate and claim the Low-Income Housing Credit, which incentivizes the development and maintenance of affordable housing for low-income individuals and families.

What information must be reported on form 8586 - internal?

Form 8586 - internal requires reporting information such as the property address, the number of low-income units in the property, any previous credits claimed, and various calculations to determine the allowable credit.

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