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Form 8823 is used by housing credit agencies to notify the IRS of noncompliance with low-income housing tax credit provisions or to report the disposition of a building.
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How to fill out form 8823

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How to fill out Form 8823

01
Gather all necessary documentation related to the low-income housing project.
02
Obtain Form 8823 from the IRS website or your tax professional.
03
Fill out the identification section with your name, address, and taxpayer identification number.
04
Provide details about the low-income housing project, including the project name and address.
05
Specify the type of noncompliance and describe the condition that caused the noncompliance.
06
Indicate the date the noncompliance was identified.
07
Complete the certification section to confirm the accuracy of the information provided.
08
Sign and date the form.
09
Submit Form 8823 to the appropriate state agency or the IRS, depending on your situation.

Who needs Form 8823?

01
Owners of low-income housing projects who wish to report noncompliance with low-income housing requirements.
02
Property managers or developers involved with low-income housing tax credit projects.
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Housing credit agencies use Form 8823 as part of their compliance monitoring responsibilities under section 42(m)(1)(B)(iii) to notify the IRS of any building disposition or noncompliance with the low-income housing tax credit provisions.
Form 8609 is the IRS document that credit allocating agencies give to property owners as evidence that the owner is eligible to claim low-income housing tax credits (LIHTCs).
This form can be used to: obtain a housing credit allocation from the housing credit agency, and. certify certain information.
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).
Eligible basis is a component of the qualified basis of an LIHC project. It is generally equal to the adjusted basis of the building, excluding land but including amenities and common areas. An existing building is a building that has been previously placed in service.
Form 8609 can be used to obtain a housing credit allocation from the housing credit agency. A separate Form 8609 must be issued for each building in a multiple building project. Form 8609 is also used to certify certain information. Housing credit agency.
Where to file forms beginning with the number 8 Form name (For a copy of a form, instruction, or publication)Address to mail form to IRS Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition Department of the Treasury Internal Revenue Service Center Philadelphia, PA 19255-054947 more rows • Dec 18, 2024

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Form 8823 is the 'Low-Income Housing Credit Agencies Report of Noncompliance' used by state housing credit agencies to report instances of noncompliance by low-income housing projects that receive tax credits.
State housing credit agencies are required to file Form 8823 when they find that a property has failed to meet the requirements of the Low-Income Housing Credit program.
To fill out Form 8823, agencies must provide details about the property, the owner, the nature of the noncompliance, and the corrective actions taken or proposed to address the issues.
The purpose of Form 8823 is to report noncompliance issues to the IRS and ensure that properties receiving low-income housing credits comply with program regulations.
Form 8823 requires information such as the name and address of the property, the owner's details, the specific violation of compliance, the period of noncompliance, and any corrective measures taken.
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