Get the free Form 8609 - Low-Income Housing Credit Allocation ...

Form8609LowIncome Housing Credit Allocation and Certification(Rev. December 2021) Department of the Treasury Internal Revenue Serviceman I Check if:OMB No. 15450988Go to www.irs.gov/Form8609 for instructions

How to fill out form 8609 - low-income

How to fill out form 8609 - low-income

1. To fill out Form 8609 - low-income, follow these steps:
2. Collect all necessary information and documents, including the property address, project number, and rental figures.
3. Complete Part I - General Information by providing details about the property and project.
4. Fill out Part II - Building Identification by entering the building number, building address, and number of low-income units.
5. Complete Part III - Certification Requirements by answering the questions regarding compliance with low-income housing requirements.
6. Fill out Part IV - Federally Subsidized or Assisted Building with information about any federal subsidies or assistance received for the project.
7. Complete Part V - Statement of Current Income by providing the required financial information for the low-income units.
8. Fill out Part VI - Low-Income Unit Chart by entering the details of each low-income unit, including the unit number, description, and rent limitation.
9. Complete Part VII - Fractional Buildings by providing information about any fractional buildings that are part of the project.
10. Fill out Part VIII - Allocation of Credit for the Current Year by calculating the low-income housing credit based on the income restrictions and project's financing.
11. Review the form for accuracy and attach any necessary supporting documents.
12. Sign and date the form.
13. Submit the completed Form 8609 to the appropriate tax authority or agency.

Who needs form 8609 - low-income?

1. Form 8609 - low-income is required by developers, owners, and managers of low-income housing projects that have received federal subsidies or assistance.
2. It is used to document compliance with low-income housing requirements and to calculate and allocate low-income housing credits.

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What is form 8609 - low-income?

Form 8609 - low-income is a form used by the Internal Revenue Service (IRS) to allocate the Low-Income Housing Credit to properties that qualify for the credit based on certain criteria.

Who is required to file form 8609 - low-income?

Owners of low-income housing properties are required to file form 8609 - low-income in order to claim the Low-Income Housing Credit.

How to fill out form 8609 - low-income?

Form 8609 - low-income must be filled out with information about the low-income housing property, including its location, number of units, and details about the tenants.

What is the purpose of form 8609 - low-income?

The purpose of form 8609 - low-income is to allocate the Low-Income Housing Credit to qualified properties in order to encourage the development of affordable housing.

What information must be reported on form 8609 - low-income?

Information such as the property's address, total number of low-income housing units, credits allocated to the property, and information about the tenants must be reported on form 8609 - low-income.