Get the free Form DTF-625-ATT:10/12:Low-Income Housing Credit Annual Statement:DTF625ATT. Tranfer...

DTF-625-ATT New York State Department of Taxation and Finance Low-Income Housing Credit Annual Statement (10/12) File this form with the building owner’s New York State income tax or franchise tax

How to fill out form dtf-625-att1012low-income housing credit

Who needs form dtf-625-att1012low-income housing credit?

1. Individuals or businesses involved in the development, acquisition, rehabilitation, or operation of low-income housing projects may need to fill out form dtf-625-att1012low-income housing credit. This form is specifically designed for taxpayers who want to claim the low-income housing credit on their tax returns.
2. Nonprofit organizations, government agencies, and certain partnerships or corporations that are involved in affordable housing projects may also be required to complete this form.

How to fill out form dtf-625-att1012low-income housing credit:

1. Begin by providing the necessary identification information in the first section of the form. This typically includes your name, address, taxpayer identification number, and the tax year for which you are claiming the credit.
2. The next section will require you to report information about the low-income housing project, such as the project name, address, and the type of credit being claimed. You may also need to provide the certification number for the project.
3. Move on to the third section, which asks for details about the qualified low-income units within the housing project. You need to specify the number of low-income units and the type of units, whether they are designated for families, elderly individuals, or persons with disabilities.
4. The fourth section requires you to provide information regarding any agency or organization that has allocated tax credits to the housing project. This could be a state or local housing credit agency.
5. Next, you will need to complete the fifth section, which deals with the calculation of the low-income housing credit. This involves determining the applicable credit percentage and multiplying it by the qualified basis of the project to calculate the amount of credits being claimed.
6. The sixth section relates to any recapture of the low-income housing credit that may be required. This typically requires you to report any changes or dispositions of the housing project that may impact the credit.
7. The last section of the form includes the signature and declaration. Ensure that you sign and date the form to certify the accuracy of the information provided.

It's important to note that the instructions for form dtf-625-att1012low-income housing credit may vary based on specific circumstances, so it is recommended to refer to the official instructions provided by the tax authority or consult with a tax professional to ensure accurate and complete filing.

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What is form dtf-625-att1012low-income housing credit?

Form DTF-625-ATT1012 is a tax form used to claim the low-income housing credit.

Who is required to file form dtf-625-att1012low-income housing credit?

Owners of low-income housing properties are required to file form DTF-625-ATT1012 to claim the low-income housing credit.

How to fill out form dtf-625-att1012low-income housing credit?

To fill out form DTF-625-ATT1012, you will need to provide information about the low-income housing property, including the number of units, eligible basis, and qualified basis.

What is the purpose of form dtf-625-att1012low-income housing credit?

The purpose of form DTF-625-ATT1012 is to claim the low-income housing credit, which provides financial incentives to owners of low-income housing properties.

What information must be reported on form dtf-625-att1012low-income housing credit?

Form DTF-625-ATT1012 requires information about the low-income housing property, including the number of units, eligible basis, and qualified basis.