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Guide for Completing Form 8823 - page 61 / 197

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The owner completed the rehabilitation of the final three units (8, 9, and 10) in October and moved the two temporarily displaced households back into units 9 and 10 during October 2005. *Unit 8 remains an unoccupied market rate unit through December.45 For purposes of computing the applicable fraction for October, units 1-7, 9, and 10 are all low-income units. The same is true for November and December.*

The following chart summarized the status of each unit for each month during 2005. *The columns (left to right) represent the individual months and the rows (top to bottom) represent Units 1 through 10. The field where a row and column intersect indicates the unit’s status as either “LIHC” for a low-income unit or is left blank if the unit is not a low-income unit.*

Aug

Sept

Oct

Nov

Dec

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

Unit

1

2

3

4

5

6

Jan

Feb

Mar

Apr

May

June

July

7

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

8

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

9

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

10

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

Documentation Requirements

For a unit to be included as a low-income unit, documentation of the household’s initial eligibility must be on file with the owner. Under IRC §6001, every taxpayer is required to maintain records sufficiently detailed to prepare a proper tax return. This requires the maintenance of such permanent books and records sufficient to establish the amounts of gross income, deductions, credits, or other matters to be shown on the taxpayer’s return. This requirement extends to the preparation and maintenance of tenant files sufficiently documented to support household eligibility for purposes of claiming the low-income housing credit under IRC §42.

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

LIHC

A tenant income certification and supporting documentation are not sufficient unless, at a minimum, the following documents are included:

4-30

Revised October 2009

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