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Form 8823 Low-Income Housing Credit Agencies Report of Noncompliance Under section 42(m)(1)(B)(iii) of the Internal Revenue Code Note: If more than one building goes out of compliance, you must file

How to fill out form 8823 low-income housing

1. To fill out form 8823 low-income housing, you will need to gather all the required information and documentation beforehand. This includes the property address, total number of units, tenant information, and any applicable rental assistance details.
2. Start by carefully reviewing the instructions provided with the form. Familiarize yourself with the terminology and requirements outlined to ensure accurate completion of the form.
3. Begin filling out the form by entering your personal and contact information in the designated sections. This may include your name, title, organization, address, and phone number.
4. Proceed to Section 1 of form 8823, where you will provide details about the low-income housing project. Enter the property name, address, and any unique identifiers, such as a project number or tax identification number.
5. In Section 2, provide information regarding the total number of units available in the low-income housing project. This includes the total number of units located in the building or buildings covered by the form.
6. Move on to Section 3, where you will input the number of units designated as low-income units and specify the applicable rent restrictions. Include any rental assistance programs associated with the low-income units, such as the Low-Income Housing Tax Credit program.
7. In Section 4, provide details on the number of units with missed certifications, violations, and inspections. This section is crucial to identify any noncompliance issues within the low-income housing project.
8. Complete Section 5 by providing your signature, date, and title. This certifies the accuracy and completeness of the information provided in the form.
9. Who needs form 8823 low-income housing? The form is generally required by owners and operators of affordable housing projects that receive government assistance or participate in low-income housing programs. State agencies, local housing authorities, or the Internal Revenue Service (IRS) may request the completion of this form for monitoring compliance and ensuring eligible households have access to affordable housing.

Remember to retain a copy of the completed form for your records and submit it to the appropriate agency or authority as instructed. It is always advisable to consult with a tax professional or housing expert for guidance and clarification while filling out form 8823 low-income housing.

For pdfFiller’s FAQs

What is form 8823 low-income housing?

Form 8823 is a tax form used to report non-compliance or changes in the status of low-income housing properties.

Who is required to file form 8823 low-income housing?

Owners or managers of low-income housing properties are required to file form 8823.

How to fill out form 8823 low-income housing?

Form 8823 must be filled out with accurate information regarding any non-compliance or changes in the status of low-income housing properties.

What is the purpose of form 8823 low-income housing?

The purpose of form 8823 is to ensure compliance with low-income housing tax credit requirements and to report any changes in the eligibility or non-compliance of the property.

What information must be reported on form 8823 low-income housing?

Form 8823 requires information about the low-income housing property, including the property address, unit numbers, compliance issues, and any changes in the property status.

When is the deadline to file form 8823 low-income housing in 2023?

The deadline to file Form 8823 for low-income housing in 2023 is usually on or before the 15th day of the 6th month after the end of the compliance period.

What is the penalty for the late filing of form 8823 low-income housing?

The penalty for late filing of form 8823 for low-income housing varies, but it can result in monetary fines or the loss of tax credits for the low-income housing property.

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