Transcription of Guide for Completing Form 8823, Low-Income Housing …
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Guide for Completing Form 8823, Low-Income Housing …
Audit Technique Guide This material was designed specifically for training purposes only. Under no circumstances should the contents be used or cited as authority for setting or sustaining a technical position. Training 23092-001 (Rev. 01-2011) Guide for Completing Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition The scope of this Guide is limited to guidelines for preparing Form 8823 for submission to the IRS. Taxpayers are responsible for evaluating the tax consequences of noncompliance with IRC 42. Prepared by Internal Revenue Service Small Business/Self-Employed Division Originally drafted in collaboration with the National Council of State Housing Agencies and It s member States Housing Credit Agencies Questions or comments regarding the Guide should be addressed to Grace Robertson at or by mail at: Internal Revenue Service Attn: Grace Robertson.
notification letter also states that the owner should not include any nonqualified low-income housing units when computing the tax credit under IRC §42 and that the noncompliance may result in the recapture of previously claimed credits. The notification letter also instructs the owner to contact the state agency to resolve the issue.
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