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Form 8609-A is filed by a building owner to report compliance with the low-income housing provisions and calculate the low-income housing credit. This form must be filed annually by the building owner
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How to fill out 8609-a
How to fill out 8609-A
01
Obtain Form 8609-A from the IRS website or your tax professional.
02
Fill in the name of the building and the address as required.
03
Enter the taxpayer identification number (TIN).
04
Provide information on the number of units in the property.
05
Specify the period for which the form is being completed.
06
Complete the income and rent limits for the project.
07
Sign and date the form, certifying that the information provided is accurate.
08
Submit the completed Form 8609-A to the IRS by the due date.
Who needs 8609-A?
01
Property owners of low-income housing projects that are claiming or have claimed the low-income housing tax credit.
02
Developers who are managing qualified residential rental properties under the Low-Income Housing Tax Credit program.
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People Also Ask about
What does recapture of credits mean?
Recapture refers to the government's recovery of a taxpayer's gain from beneficial treatment—such as depreciation tax credits, deductions , or other tax credits—since the beneficial treatment no longer applies. For example, 26 U.S.C.
What is form 8609 a?
Building owners file this form to. report compliance with the low-income housing provisions for each year of the 15-year compliance period, and. calculate the low-income housing credit.
What is 8609 placed in service?
Generally, where Form 8609 is the allocating document, the date of the allocation is the date the Form 8609 is completed, signed, and dated by an authorized official of the housing credit agency during the year the building is placed in service and mailed to the owner of the qualified low-income building.
What is the meaning of recapture of low-income housing credit?
Conditions for recapture of the credit And, the building must continue to meet certification requirements. If not, the owner may have to recapture a portion of the credit allocation using Form 8611, Recapture of Low-Income Housing Credit. Recapture refers to adding back income that a credit previously reduced.
Who issues 8609?
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 is recapture of prior year credits?
The credit recapture amount is defined in IRC §42(j)(2) as the aggregate of the accelerated portion of the credit claimed in each prior year plus interest at the overpayment rate beginning on the due date for filing the tax return on which the credit was claimed.
What is recapture income?
In tax accounting, recapture is the process of adjusting taxable income higher due to certain deductions made in the previous period.
What triggers recapture?
This mechanism is designed to recover the tax benefits individuals or businesses gain from depreciation deductions when they sell the asset for a profit. Key triggering events for depreciation recapture include the sale of a depreciable asset, business asset disposition, and conversion of property.
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What is 8609-A?
Form 8609-A is the 'Annual Statement for Low-Income Housing Credit' used by owners of low-income housing projects to report information regarding the low-income housing credit.
Who is required to file 8609-A?
Owners of low-income housing projects that have received low-income housing tax credits are required to file Form 8609-A annually.
How to fill out 8609-A?
To fill out Form 8609-A, complete the sections regarding the project's details, the number of low-income units, and any applicable credits being claimed. Specific instructions from the IRS should be followed.
What is the purpose of 8609-A?
The purpose of Form 8609-A is to ensure compliance with the requirements for low-income housing credits and to report the ongoing eligibility of the project.
What information must be reported on 8609-A?
Form 8609-A must report information related to the number of qualified low-income housing units, the taxpayer's identification number, the project's location, and any applicable income limits and rent restrictions.
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