Get Form 8586 Low-income Housing Credit Attach To Your Return

Filling out the Form 8586 for the low-income housing credit is an essential step for qualifying individuals and entities. This guide will walk you through each section of the form, ensuring that you can complete it accurately and efficiently online.

Follow the steps to successfully complete the Form 8586 online.

1. Click ‘Get Form’ button to access and download the form for your use.
2. In Part I, enter the name(s) of the individuals or entities as shown on your return. This information is critical for correct identification when processing your credit claim.
3. Complete line 1 by entering the number of Forms 8609 attached to your submission. Ensure that you have the correct count, as each building credit is tied to an individual Form 8609.
4. On line 2, provide the eligible basis of the qualifying buildings. Reference the total from your attached Schedule(s) A (Form 8609) to ensure consistency.
5. Fill in line 3a with the qualified basis of the low-income buildings. Again, use the total from the attached Schedules to guarantee accuracy.
6. Indicate whether there has been a decrease in the qualified basis of any buildings in line 4. If yes, provide the building identification numbers (BINs) and attach a separate schedule if the space is insufficient.
7. On line 5, record the current year credit total derived from the attached Schedule(s) A. This total is critical for calculating your allowable credit.
8. If applicable, fill out the credits from pass-through entities on line 6. Refer to the associated Schedule K-1 forms to input accurate figures.
9. Complete Part II if necessary, following the form's instructions to determine your passive activity credit or total current year credit.
10. After completing all relevant sections, review your entries. Save your changes, and prepare to download, print, or share the completed form as required.

Make sure to complete and submit your Form 8586 online to claim your low-income housing credit seamlessly.