IRS Form 8823 Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition

Form 8823 Instructions

In order to report noncompliance, you have to fill out IRS Form 8609, Low Income Housing Credit Allocation and Certification, and issue it to the owner of the building or unit first. IRS Form 8823 Instructions are as follows:

1. Identify the building - write down its name, full address, and the identification number . Provide the details of the owner - state their name, residential address, and taxpayer identification number. Note that you have to leave the space next to the fields indicated above empty - it will be filled out by IRS employees later.

2. Elaborate on the building in question - state how much credit was allocated to it, how many buildings participated in a building project (if applicable), how many residential units and low-income units are there, and how many of the units had noncompliance issues and were reviewed by your agency. Specify the date when the building stopped complying with the low-income housing credit regulations and the date when the problem was resolved. In case you are informing the IRS a noncompliance issue has been corrected recently, put a tick in the appropriate box.

3. Read through the list of noncompliance issues you have detected . This is not an exhaustive list - it is permitted to elaborate on a matter not mentioned on the form. Check the boxes to indicate the issues out of compliance and the problems that were eliminated.

4. If you are describing a disposition of the building, you need to point out the type of disposition, the date it took place, and the details of the new owner - their name, contact details, and taxpayer identification number.

5. Confirm the statements you have put in writing are true and accurate to the best of your knowledge, enter your name and title, sign and date Form 8823 . You may also refer to the guidelines prepared by the IRS on pages 2-4 of the form and see whether the report is filled out correctly.