Get the free Form 8609

SCHEDULE A (Form 8609) (Rev. January 1994) Department of the Treasury Internal Revenue Service Annual Statement Attach to Form 8609 and file with owner's Federal income tax return. For Paperwork Reduction

How to fill out form 8609

How to fill out form 8609:

1. Begin by gathering all the necessary information and documentation, including the property address, federal employer identification number (EIN), and income and eligibility documentation.
2. Fill out the top part of the form, providing the name and address of the property, as well as the EIN.
3. Proceed to Part I of the form, where you will indicate the type of building and the number of low-income units.
4. In Part II, provide information about the qualified basis of the building, including the placed-in-service date, the total qualified basis, and any other required details.
5. Move on to Part III, where you will calculate the annual low-income housing credit using the applicable percentages and regulations.
6. Complete Part IV by providing information regarding any previous year credits, recapture, and carryover.
7. If there are any building transfer or tenant certifications, fill out the appropriate sections in Part V.
8. Sign and date the form, including the preparer's information if applicable.
9. Retain a copy of the completed form for your records.

Who needs form 8609:

1. Developers or owners of properties that participate in the Low-Income Housing Tax Credit (LIHTC) program.
2. State or local housing credit agencies that allocate LIHTC.
3. Financial institutions or investors that claim LIHTC to reduce their federal tax liability.
4. Any individual or organization involved in the administration of LIHTC properties, such as property managers or compliance personnel.

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What is form 8609?

Form 8609 is a tax form used by the Internal Revenue Service (IRS) to allocate the Low-Income Housing Tax Credit (LIHTC) to owners of low-income housing projects.

Who is required to file form 8609?

Owners of low-income housing projects that are seeking the Low-Income Housing Tax Credit (LIHTC) are required to file form 8609.

How to fill out form 8609?

To fill out form 8609, you will need to provide information about the low-income housing project, including project details, the qualified basis, eligible basis, and any transfers of ownership.

What is the purpose of form 8609?

The purpose of form 8609 is to allocate the Low-Income Housing Tax Credit (LIHTC) to owners of low-income housing projects, which helps to incentivize the development and preservation of affordable housing.

What information must be reported on form 8609?

Form 8609 requires reporting of information such as the project identification number, building details, unit counts, qualified basis, eligible basis, and any applicable transfers of ownership.