Form IC-833 Schedule LI Wisconsin Low-Income Housing Tax Credit - Wisconsin

What Is Form IC-833 Schedule LI?

This is a legal form that was released by the Wisconsin Department of Revenue - a government authority operating within Wisconsin. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IC-833?
A: Form IC-833 is the Schedule LI for the Wisconsin Low-Income Housing Tax Credit in Wisconsin.

Q: What is the purpose of Form IC-833?
A: The purpose of Form IC-833 is to calculate and claim the Wisconsin Low-Income Housing Tax Credit.

Q: Who needs to file Form IC-833?
A: Property owners or developers who have invested in low-income housing properties in Wisconsin and are eligible for the tax credit need to file Form IC-833.

Q: What information is required to complete Form IC-833?
A: To complete Form IC-833, you will need information about your low-income housing property, including details about the property and the tenants.

Q: When is the deadline for filing Form IC-833?
A: The deadline for filing Form IC-833 is typically the same as the deadline for filing your Wisconsin state income tax return.

Q: Are there any penalties for not filing Form IC-833?
A: Yes, failure to file Form IC-833 or filing it late may result in penalties and interest.

Q: Is the Wisconsin Low-Income Housing Tax Credit refundable?
A: No, the Wisconsin Low-Income Housing Tax Credit is non-refundable. It can only be used to offset your Wisconsin state income tax liability.

Q: Can the Wisconsin Low-Income Housing Tax Credit be carried forward or backward?
A: Yes, any unused Wisconsin Low-Income Housing Tax Credit can be carried forward for up to 15 years or carried back for up to 3 years.

Q: Is there a limit to the amount of Wisconsin Low-Income Housing Tax Credit I can claim?
A: Yes, there is a cap on the total amount of Wisconsin Low-Income Housing Tax Credit that can be claimed each year. The cap is determined by the Wisconsin Department of Revenue.