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Form 8609 is used by owners of residential low-income rental buildings to obtain a housing credit allocation from the housing credit agency. It certifies various information related to the building's
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How to fill out form 8609
How to fill out Form 8609
01
Obtain a copy of Form 8609 from the IRS website or other resources.
02
Enter the name and address of the project for which the form is being completed in the top section.
03
Fill out Part I by providing information about the property, including the number of low-income units and the date the project was placed in service.
04
In Part II, indicate the housing credit allocations for the project year and the number of tax credits being requested.
05
Complete Part III if the property is not a multiple building project, by providing the required certification details.
06
Sign and date the form, ensuring to include your title and the date of sign-off.
07
Submit the completed Form 8609 to the appropriate state housing agency or as directed by the IRS.
Who needs Form 8609?
01
Form 8609 is needed by developers and owners of low-income housing projects to apply for Low-Income Housing Tax Credits (LIHTC).
02
It is also required by those who wish to claim tax credits for property financed through the LIHTC program.
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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 to allocate tax credits for low-income housing projects.
Who is required to file Form 8609?
Owners of low-income housing projects that have received an allocation of Low-Income Housing Tax Credit (LIHTC) must file Form 8609.
How to fill out Form 8609?
Form 8609 should be filled out by entering information about the project, including the amount of credits being claimed and details about the tenants, and must be submitted to the IRS along with supporting documentation.
What is the purpose of Form 8609?
The purpose of Form 8609 is to provide the IRS with information necessary to verify that a project qualified for Low-Income Housing Tax Credits and to track the credit allocation.
What information must be reported on Form 8609?
Form 8609 requires reporting of project details such as the name and address of the project, ownership information, allocation amounts, and compliance with low-income housing requirements.
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