What is the minimum set-aside requirement for Form 8609?

The minimum set-aside requirement for Form 8609 is that at least 20%, 40%, or 50% (depending on the election made) of the residential units in the project must be both rent restricted and occupied by individuals whose income is 50% or less, 60% or less, or (if elected) does not exceed the median family income for the area. A deep rent skewed project itself must meet the requirements of section 142(d)(4)(B), and at least 40% of tenants whose income is 40% or less of the median family income must occupy those units during the compliance period.

What information does Form 8609 request?

Form 8609 requests basic project information, including the name and address of the property owner or owners, the number and type of residential units in the project, and the percentage of units that will be set aside for low-income tenants. It also requires the taxpayer to make an election under section 42(h) to allocate a specific amount of credits to the project.

What privacy act and paperwork reduction act notice does form 8609 contain?

Form 8609 contains a Privacy Act and Paperwork Reduction Act Notice. The notice requests the taxpayer's identifying number (SSN, EIN, or ITIN), and informs them that the information on the form is required to carry out the Internal Revenue laws of the United States. It also informs them that failure to provide this information may delay or prevent processing their claim, providing false information may subject them to penalties.

What is Form 8609 used for?

Form 8609, Application for Low-Income Housing Credit Agreement, is used to apply for and agree to the allocation of low-income housing tax credits from the Internal Revenue Service (IRS) for qualified affordable housing projects.

Form 8609

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Low-Income Housing Credit Allocation and Certification

Rev. December 2021

Form 8609 instructions outline the process for allocating and certifying low-income housing tax credits. Part I involves filling out information about the building, allocation amount, and financing sources. Part II requires certifications from building owners regarding eligible basis, elections, and compliance with section 42 of the Internal Revenue Code.

Instructions

Form 8609 Instructions - Instructions for Form 8609 , Low-Income Housing Credit Allocation and Certification

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FAQ

What is the minimum set-aside requirement for Form 8609?
The minimum set-aside requirement for Form 8609 is that at least 20%, 40%, or 50% (depending on the election made) of the residential units in the project must be both rent restricted and occupied by individuals whose income is 50% or less, 60% or less, or (if elected) does not exceed the median family income for the area. A deep rent skewed project itself must meet the requirements of section 142(d)(4)(B), and at least 40% of tenants whose income is 40% or less of the median family income must occupy those units during the compliance period.
What information does Form 8609 request?
Form 8609 requests basic project information, including the name and address of the property owner or owners, the number and type of residential units in the project, and the percentage of units that will be set aside for low-income tenants. It also requires the taxpayer to make an election under section 42(h) to allocate a specific amount of credits to the project.
What privacy act and paperwork reduction act notice does form 8609 contain?
Form 8609 contains a Privacy Act and Paperwork Reduction Act Notice. The notice requests the taxpayer's identifying number (SSN, EIN, or ITIN), and informs them that the information on the form is required to carry out the Internal Revenue laws of the United States. It also informs them that failure to provide this information may delay or prevent processing their claim, providing false information may subject them to penalties.
What is Form 8609 used for?
Form 8609, Application for Low-Income Housing Credit Agreement, is used to apply for and agree to the allocation of low-income housing tax credits from the Internal Revenue Service (IRS) for qualified affordable housing projects.

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Tax forms

Form 8609 is one of Tax forms that are documents used to report information about an individual's or business's income, deductions, and tax liability to the relevant tax authority. These forms are necessary to comply with tax laws and fulfill tax obligations. Tax forms vary depending on the country and the specific tax requirements in place. Here are some common types of tax forms:

Individual Tax Forms: These forms are used by individual taxpayers to report their personal income and claim deductions, credits, and exemptions. Examples include the 1040 form in the United States or the Self-Assessment Tax Return form in the United Kingdom.

Business Tax Forms: Business tax forms are used by companies, partnerships, or self-employed individuals to report their business income, expenses, and other tax-related information. Examples include the Schedule C form (Profit or Loss from Business) in the United States or the CT600 form (Company Tax Return) in the United Kingdom.

Payroll Tax Forms: These forms are used by employers to report the wages, salaries, and taxes withheld from their employees' paychecks. Examples include the W-2 form in the United States or the P60 form in the United Kingdom.

Sales Tax Forms: Sales tax forms are used by businesses to report and remit sales tax collected on taxable goods or services. The specific sales tax forms vary by jurisdiction.

Value Added Tax (VAT) Forms: VAT forms are used in countries that impose a value-added tax to report and remit VAT collected on sales and claim VAT credits for purchases. Examples include the VAT return forms used in many countries.

Estimated Tax Forms: Estimated tax forms are used to report and pay estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.

These are just a few examples of the numerous tax forms that may exist. The specific forms required depend on the tax laws and regulations in your country or jurisdiction. It is important to consult the tax authority's guidelines or seek professional advice to determine which forms are applicable to your situation.

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