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Form 8609 is used for the Low-Income Housing Credit Allocation and Certification. This form allows owners of residential low-income rental buildings to claim a low-income housing credit and obtain
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How to fill out form 8609
How to fill out Form 8609
01
Obtain Form 8609 from the IRS website or your tax professional.
02
Fill out Part I to provide basic information about the property.
03
Enter the address of the building in line 1.
04
Indicate the number of qualified low-income housing units in line 2.
05
Complete lines 3 through 7, providing details about the project and its compliance.
06
If applicable, fill out the election of the first year the building is placed in service in line 8.
07
Review Part II for any additional information that may be required.
08
Submit the completed form to the appropriate state agency for approval.
Who needs Form 8609?
01
Owners of low-income housing projects that have been allocated credits under the low-income housing credit program.
02
Developers seeking to claim low-income housing tax credits for a new or existing building.
03
Investors involved with low-income housing to report compliance with the requirements of the credit.
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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 tax form used in the United States to allocate low-income housing tax credits (LIHTC) to owners of qualified rental properties.
Who is required to file Form 8609?
Owners of residential rental projects that qualify for low-income housing tax credits are required to file Form 8609.
How to fill out Form 8609?
Form 8609 should be filled out by providing information about the property, including the number of qualified units, eligible basis, and the applicable percentage of the low-income housing tax credits.
What is the purpose of Form 8609?
The purpose of Form 8609 is to claim low-income housing tax credits and to report information needed for the IRS to verify eligibility and compliance with tax credit regulations.
What information must be reported on Form 8609?
Information that must be reported includes the property's location, ownership details, the number of low-income units, the eligible basis for the credit, and the credit percentage.
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