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Note This increase cannot cause the credit on line 15 of Schedule A to exceed the credit amount allocated on line 1b Part I of Form 8609. The buyer and seller must retain copies of Form 8609 for recordkeeping purposes. The new owner must follow the Schedule A 8609 to claim any credits. Purpose of Schedule Schedule A Form 8609 must be completed by the building owner each year of the 15-year compliance period whether or not a credit is claimed for ...
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How to fill out schedule a form 8609
How to fill out Schedule A (Form 8609)
01
Obtain a copy of Schedule A (Form 8609) from the IRS website.
02
Fill in the taxpayer's information, including name, address, and identification number.
03
Enter the project number assigned to your Low-Income Housing Tax Credit project.
04
Indicate the applicable credit percentage in the appropriate section.
05
Provide details on the number of low-income units and their adjusted basis.
06
Calculate the credit amount for each low-income unit and total it in the designated box.
07
Sign and date the form, certifying the accuracy of the information provided.
08
Submit the completed Schedule A along with your tax return.
Who needs Schedule A (Form 8609)?
01
Real estate developers or owners of low-income housing projects seeking to claim the Low-Income Housing Tax Credit.
02
Taxpayers who have received an allocation of low-income housing credits from a state or local agency.
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What is the difference between 8609 and 8609 A?
This form comes from the appropriate housing credit agency. You only have to file the original Form 8609 once, with your first Form 8609-A. Each year you claim the credit, you'll file a Form 8609-A for each building that qualifies.
What do you need to file for 8609?
Filing Requirement Complete and sign Part I of Form 8609 and make copies of the form. Submit a copy with Form 8610, Annual Low-Income Housing Credit Agencies Report, and keep a copy for the records. The agency must send the original, signed Form 8609 (including instructions) to the building owner. Building owner.
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 is the eligible basis for the low-income housing tax credit?
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.
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).
Where to mail IRS form 8609?
To submit Form 8609, complete all relevant sections and make a copy for your records. Submit the original form to the IRS Philadelphia campus at 19255-0549. Ensure to file alongside Form 8610 as required by the housing credit agency, and check their specific submission guidelines.
Who fills out the 8609 form?
Owners of residential low-income rental buildings are allowed a low-income housing credit for each qualified building over a 10-year credit period. A separate Form 8609 must be issued for each building in a multiple building project.
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What is Schedule A (Form 8609)?
Schedule A (Form 8609) is a form used to report information about a qualified low-income housing project and to claim a low-income housing tax credit.
Who is required to file Schedule A (Form 8609)?
Owners of qualified low-income housing projects that are claiming the low-income housing tax credit must file Schedule A (Form 8609).
How to fill out Schedule A (Form 8609)?
To fill out Schedule A (Form 8609), owners must provide detailed information about the project, including the number of units, the applicable percentage, and any rent restrictions.
What is the purpose of Schedule A (Form 8609)?
The purpose of Schedule A (Form 8609) is to report key information about low-income housing projects to the IRS and to determine eligibility for the low-income housing tax credit.
What information must be reported on Schedule A (Form 8609)?
Information that must be reported on Schedule A (Form 8609) includes the project's address, the number of low-income units, the income limits, and the rent restrictions applicable to the project.
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