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To your tax return. Attachment Sequence No. Name(s) shown on return Part I 1 2 3a b 4 5 Current Year Credit Number of Forms 8609 attached Eligible basis of buildings (total from attached Schedules A (Form 8609), line 1) Qualified basis of low-income buildings (total from attached Schedules A (Form 8609), line 3) Has there been a decrease in the qualified basis of any buildings since the close of the preceding tax year? Yes No If Yes, enter the building identification numbers (BIN.
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Recordkeeping FAQ
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You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,417 for tax year 2022 as a working family or individual earning up to $30,000 per year. You must claim the credit on the 2022 FTB 3514 form, California Earned Income Tax Credit, or if you e-file follow your software's instructions.
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Many types of properties are LIHTC-eligible, including single-family homes, apartment buildings, multifamily homes, townhouses and duplexes. While low-income families don't qualify for the tax credit, they can qualify to live in a LIHTC program property.
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Use Form 8586 to claim the low-income housing credit. This general business credit is allowed for each new qualified low-income building placed in service after 1986. Generally, it is taken over a 10-year credit period.
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Almost all new affordable rental housing in California is financed through federal Low-Income Housing Tax Credits (LIHTC), which come in two forms: 9% and 4% credits.
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Basic Qualifying Rules To qualify for the EITC, you must: Have worked and earned income under $63,398. Have investment income below $11,000 in the tax year 2023. Have a valid Social Security number by the due date of your 2023 return (including extensions)
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To be eligible for the program, a family's gross annual income must be below 50% of the Area Median Income (AMI) in Los Angeles County. Seventy-five percent of new admissions must have gross annual incomes at or below 30% of the AMI. The U.S. Department of Housing and Urban Development (HUD) determines the AMI yearly.
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The LIHTC program reduces the federal tax liability in exchange for the acquisition, rehabilitation, or construction of affordable rental housing units that will remain income and rent restricted over a long period (55 years for California).
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This form is used by owners of qualified residential rental buildings in low-income housing projects to figure the amount of their low-income housing credit, a component of the general business credit.
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Prior Year Forms and Instructions
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26 CFR Ch. I (4–1–09 Edition) § 1.42–1
Unless otherwise provided in forms or instructions, a completed Form 8586, ''Low-Income...
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