What is Form 8609?
Form 8609, known as the Low-Income Housing Credit Allocation Certification, is essential for property owners seeking low-income housing tax credits (LIHTCs). This form certifies that the property owner qualifies for these credits, which are provided by state or local housing credit agencies. Completing this form is crucial for demonstrating compliance with the necessary requirements, allowing property owners to claim tax benefits over a 10-year period for each eligible building.
What is Form 8609 used for?
Form 8609 is important for low-income housing projects. Here’s what it is used for:
- Obtaining Housing Credit Allocation: Secures a housing credit allocation from the agency.
- Certifying Information: Confirms details about the building, like its ID number and eligibility for tax credits.
- Tracking Credits: Monitors tax credits for each building, especially in projects with multiple buildings.
- Annual Reporting: Reports annually on the low-income housing credit claimed by the owner.
How to fill out Form 8609?
- 1
Obtain Form 8609 from the housing credit agency.
- 2
Fill out the required information on the form.
- 3
Declare compliance with section 42 of the Internal Revenue Code.
- 4
Certify the allocation made on the form.
- 5
Ensure the form is accurate and complete before downloading.
Who is required to fill out Form 8609?
Housing credit agencies and building owners are responsible for completing Form 8609. Housing credit agencies certify the low-income housing credit allocation, while building owners file it with the IRS to claim the associated credit.
After completion, the housing credit agency sends the original signed form to the building owner. The building owner then files it with the IRS and submits Form 8610 and Form 8609-A annually.
When is Form 8609 not required?
Form 8609 is not required for properties that are completely affordable and do not require annual tenant recertification. If a building is part of a multiple building project and includes the necessary statement, you may not need to file a separate Form 8609 for each individual building.
When is Form 8609 due?
The deadline for Form 8609 is typically April 15th of the following year for individual filers. For partnerships and corporations, the due date is March 15th. Make sure to file it along with your federal income tax return to claim the low-income housing credit.
How to get a blank Form 8609?
To get a blank Form 8609, simply visit our website where we have it pre-loaded in our editor for you to fill out. Remember, PDF Guru aids in filling and downloading forms but does not support filing.
How to sign Form 8609?
To sign Form 8609, you must provide a handwritten signature, as the IRS does not accept electronic or digital signatures for this document. After signing, ensure you send the original form to the building owner, while submitting a copy to the IRS. For convenience, use PDF Guru to fill out the form and download it for your records. Always check for the latest updates to stay compliant.
Where to file Form 8609?
To submit Form 8609, mail the original signed document to the IRS Philadelphia campus. Don’t forget to include copies for your records and the housing credit agency.
Remember, Form 8609 cannot be filed online. Ensure all required copies are prepared before mailing them to avoid any delays in processing.
