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This form is used by the owners of residential low-income rental buildings to obtain a housing credit allocation from the housing credit agency, which is necessary to claim a low-income housing credit
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How to fill out form 8609
How to fill out Form 8609
01
Obtain a blank Form 8609 from the IRS website.
02
Fill in the name and address of the owner of the building.
03
Enter the Employer Identification Number (EIN) of the owner.
04
Indicate the building's address, including the city, state, and ZIP code.
05
Fill in the date the building was placed in service.
06
Specify the total number of low-income units in the building.
07
Provide information regarding the allocation of tax credits.
08
Sign and date the form to certify that the information is correct.
09
Submit the completed Form 8609 to the appropriate IRS office.
Who needs Form 8609?
01
Developers and owners of low-income housing projects that are eligible for tax credits under the Low-Income Housing Tax Credit (LIHTC) program.
02
Organizations seeking to claim tax credits for affordable housing developments.
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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 form used by the Internal Revenue Service (IRS) in the United States to allocate low-income housing tax credits to owners of low-income housing projects.
Who is required to file Form 8609?
Owners of low-income housing projects that are seeking to claim the low-income housing tax credit are required to file Form 8609.
How to fill out Form 8609?
To fill out Form 8609, you need to provide details about the property, such as its location, the number of low-income units, and the ownership structure, ensuring all sections are completed accurately.
What is the purpose of Form 8609?
The purpose of Form 8609 is to monitor the allocation of low-income housing tax credits and ensure compliance with federal requirements related to affordable housing.
What information must be reported on Form 8609?
Information that must be reported on Form 8609 includes the name and address of the project, the percentage of low-income units, the number of qualified residents, and the compliance period for the project.
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