What is modified percentage?

Modified percentage is a decimal figure that represents the proportionate increase in the low-income portion of the building for each month of the current tax year over the low-income portion of the building at the close of the previous tax year.

What is increased qualified basis?

Increased qualified basis is the difference between the qualified basis of a building at the end of the current tax year and the beginning of the current tax year. It is figured by comparing the low-income portion of the building for each month of the current tax year to the low-income portion of the building at the close of the previous tax year.

What is Form 8609-A used for?

Form 8609-A is used to report the qualified basis of a low-income housing project that was placed in service during the tax year.

How do you calculate line 11 modification on Form 8609-A?

To calculate line 11 modification on Form 8609-A, first figure the increase in the low-income portion of the building for each month during the current tax year. Then add these amounts together and divide by 12 to get a decimal figure. Multiply this figure by two-thirds of the amount on line 5 of Form 8609-A.

Where do you enter the qualified basis of a building on Form 8609-A?

You enter the qualified basis of a building from line 3 of the previous year's Form 8609-A.

Form 8609-A

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Annual Statement for Low-Income Housing Credit

Rev. December 2008

This document outlines instructions for completing the Annual Statement for Low-Income Housing Credit (Form 8609-A) to be filed with a taxpayer's federal income tax return. The form includes sections related to eligible basis of building, low-income portion, qualified basis of low-income building, credit percentage, and credit calculation. Additionally, the document instructs on reporting part-year adjustments, additions to qualified basis, Section 42(f)(3)(B) modification, disallowed credit due to federal grants, credit allowed for building for the tax year, taxpayer's proportionate share of credit, and adjustments for deferred first-year credit. The form is specific to newly constructed or existing buildings and requires information on whether the original Form 8609 (or a copy thereof) is available.

Instructions

Form 8609-A Instructions - Instructions for Form 8609-A, Annual Statement for Low-Income Housing Credit

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FAQ

What is modified percentage?
Modified percentage is a decimal figure that represents the proportionate increase in the low-income portion of the building for each month of the current tax year over the low-income portion of the building at the close of the previous tax year.
What is increased qualified basis?
Increased qualified basis is the difference between the qualified basis of a building at the end of the current tax year and the beginning of the current tax year. It is figured by comparing the low-income portion of the building for each month of the current tax year to the low-income portion of the building at the close of the previous tax year.
What is Form 8609-A used for?
Form 8609-A is used to report the qualified basis of a low-income housing project that was placed in service during the tax year.
How do you calculate line 11 modification on Form 8609-A?
To calculate line 11 modification on Form 8609-A, first figure the increase in the low-income portion of the building for each month during the current tax year. Then add these amounts together and divide by 12 to get a decimal figure. Multiply this figure by two-thirds of the amount on line 5 of Form 8609-A.
Where do you enter the qualified basis of a building on Form 8609-A?
You enter the qualified basis of a building from line 3 of the previous year's Form 8609-A.

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Tax forms

Form 8609-A is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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