IRS 8823 2023-2025 free printable template

8823Form (Rev. June 2023) Department of the Treasury Internal Revenue Service1LowIncome Housing Credit Agencies Report of Noncompliance or Building Disposition OMB No. 15451204 Check here if this

How to fill out IRS 8823

How to fill out IRS 8823

1. Obtain a copy of IRS Form 8823 from the IRS website.
2. Ensure you have all necessary information regarding the low-income housing project.
3. Fill in the identification section with the name, address, and taxpayer ID of the project.
4. Complete Part I by providing details about the income verification and compliance issues if applicable.
5. In Part II, specify the issues related to noncompliance that require reporting.
6. Include any applicable supporting documentation or explanations for the reported issues.
7. Review your entries for accuracy, ensuring all relevant fields are filled out.
8. Sign and date the form to certify the information provided is correct.
9. Submit the completed IRS Form 8823 to the appropriate IRS address.

Who needs IRS 8823?

1. IRS Form 8823 is needed by owners or managers of low-income housing projects who have issues related to tenant income verifications or project compliance with the low-income housing tax credit program.

Video instructions and help with filling out and completing form 8823

Instructions and Help about IRS 8823

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People Also Ask about

What is form 8823 for?

Housing credit agencies use this form to fulfill their responsibility under Internal Revenue Code section 42(m)(1)(B)(iii) to notify the IRS of: noncompliance with the low-income housing tax credit provisions, or. any building disposition.

What is the Virginia housing Opportunity tax credit Program?

The federal Low-Income Housing Tax Credit (LIHTC or Housing Tax Credit) program is sponsored by the U.S. Treasury Department. We are proud to administer this program for Virginia, which encourages the development of affordable rental housing by providing owners a federal income tax credit.

Who fills out the 8609 form?

Form 8609 is the IRS document that credit allocating agencies give to property owners, evidence that the owner is eligible to claim low-income housing tax credits. Credit allocating agencies accomplish this by completing and signing part one of the Form 8609.

What is qualified basis?

Qualified basis is the base that is multiplied by the credit percentage to determine the annual credit. The qualified basis equals the applicable fraction times the eligible basis.

What happens when you get an 8823?

Housing credit agencies use Form 8823 as part of their compliance monitoring responsibilities under section 42(m)(1)(B)(iii) to notify the IRS of any building disposition or noncompliance with the low-income housing tax credit provisions. The housing credit agency should also give a copy of Form 8823 to the owner(s).

What is an 8823?

About Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition | Internal Revenue Service.

What is the purpose of form 8823?

Housing credit agencies use this form to fulfill their responsibility under Internal Revenue Code section 42(m)(1)(B)(iii) to notify the IRS of: noncompliance with the low-income housing tax credit provisions, or. any building disposition.

What is the difference between qualified basis and eligible basis?

Qualified basis is the base that is multiplied by the credit percentage to determine the annual credit. The qualified basis equals the applicable fraction times the eligible basis.

Which three types of housing are typically created under the Lihtc program?

The types of projects eligible for the LIHTC include rental housing located in multifamily buildings, single-family dwellings, duplexes, and townhouses.

Where do I mail form 8823?

Where to File Forms Beginning with the Number 8 Form Name (For a copy of a Form, Instruction, or Publication)Address to Mail Form to IRS:Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building DispositionDepartment of the Treasury Internal Revenue Service Center Philadelphia, PA 19255-054947 more rows • Nov 29, 2022

What is the form 8823 for Lihtc?

Housing credit agencies use this form to fulfill their responsibility under Internal Revenue Code section 42(m)(1)(B)(iii) to notify the IRS of: noncompliance with the low-income housing tax credit provisions, or. any building disposition.

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What is IRS 8823?

IRS Form 8823 is used to report the noncompliance of a low-income housing project with the provisions of the Internal Revenue Code section 42. It is specifically for reporting instances when a qualified low-income housing project fails to meet the program's requirements.

Who is required to file IRS 8823?

The form must be filed by the housing credit agency or the owner of the low-income housing project whenever they discover a failure to meet the requirements of the low-income housing tax credit program.

How to fill out IRS 8823?

To fill out IRS Form 8823, you need to provide detailed information about the property, including its location, the nature of the noncompliance, and any corrective actions taken or proposed. It is essential to follow the instructions provided with the form carefully.

What is the purpose of IRS 8823?

The purpose of Form 8823 is to ensure compliance with the low-income housing tax credit program and to report any noncompliance issues to the IRS. It helps maintain the integrity of certified low-income housing projects.

What information must be reported on IRS 8823?

On IRS Form 8823, you must report information such as the project's name and address, the type of noncompliance, the date the issue was identified, the number of affected units, and any actions taken to address the noncompliance.