TCS Annual Owner Certification and IRS Reporting

Question 1

What IRS form is issued by the state housing credit agency to certify the Low-Income Housing Tax Credit allocation for a building?

Accepted Answer

Form 8609

Answer

Form 3800

Answer

Form 8823

Answer

Form 8609-A

Question 2

Which part of IRS Form 8609 is completed and signed by the state housing credit agency?

Accepted Answer

Part I

Answer

Part II

Answer

Part III

Answer

Schedule A

Question 3

What IRS form must a LIHTC building owner file annually with their tax return throughout the credit period to document ongoing compliance?

Accepted Answer

Form 8609-A

Answer

Form 8609

Answer

Form 8823

Answer

Form 3800

Question 4

Which entity is responsible for filing IRS Form 8823 when LIHTC noncompliance is identified?

Accepted Answer

The state housing credit agency

Answer

The property owner

Answer

The property manager

Answer

The IRS field examiner

Question 5

IRS Form 8823 is titled the Low-Income Housing Credit Agencies Report of Noncompliance or what other triggering event?

Accepted Answer

Building Disposition

Answer

Tenant Grievance

Answer

Credit Reduction

Answer

Agency Certification

Question 6

What is the length of the initial compliance period for Low-Income Housing Tax Credit properties under Section 42?

Accepted Answer

15 years

Answer

10 years

Answer

20 years

Answer

30 years

Question 7

Including the extended use period, for how many total years from the placed-in-service date must most LIHTC properties maintain affordability restrictions?

Accepted Answer

30 years

Answer

15 years

Answer

20 years

Answer

25 years