Get Form Dtf-625-att-i: October 2002 , Instructions For Form Dtf-625 ... - Tax Ny

This guide provides a comprehensive overview of how to fill out the Form DTF-625-ATT-I, which is essential for reporting low-income housing credits. Follow the instructions carefully to ensure proper submission and compliance with tax regulations.

Follow the steps to accurately complete the form.

1. Click ‘Get Form’ button to download the form and open it in your preferred document editing application.
2. Begin by identifying whether you are an individual or another entity. Individuals should enter their social security number while all other entities should input their employer identification number (EIN) in Item B.
3. In Item C, enter the building identification number (BIN) as stated in Part I of Form DTF-625.
4. Proceed to Line 1 where you will declare the eligible basis of the building for the entire 15-year compliance period, which should correspond to the eligible basis shown on Form DTF-625, line 7b.
5. If applicable, indicate any basis increases for buildings located in designated high-cost areas under IRC section 42(d)(5)(C). Ensure that these increases do not exceed the allocated credit on line 1b, Part I of Form DTF-625.
6. For Line 2, determine the appropriate percentage attributable to the low-income rental units in the building by comparing the number of low-income units to total residential units or the respective floor space.
7. In Line 3, multiply the figures from Line 1 and Line 2 to determine the portion of the basis attributable to low-income residential units.
8. Continue filling out subsequent lines as instructed, being mindful of specifics regarding ownership duration and any adjustments required for the credit.
9. Complete all required fields and ensure that forms DTF-625-ATT, DTF-625, and DTF-624 are attached to your tax return as necessary.
10. Once you have filled out the form completely and checked for accuracy, save your changes, and you can choose to download, print, or share the completed form as needed.

Ensure your documents are properly completed and file them online for timely processing.