Instructions for Form DTF-626 Recapture of Low-Income Housing Credit - New York

Form DTF-626 Recapture of Low-Income Housing Credit - New York

This document contains official instructions for Form DTF-626 , Recapture of Low-Income Housing Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form DTF-626 is available for download through this link.

FAQ

Q: What is Form DTF-626?
A: Form DTF-626 is used to recapture the Low-Income Housing Credit in New York.

Q: What is the Low-Income Housing Credit?
A: The Low-Income Housing Credit is a tax credit designed to encourage the development of affordable housing.

Q: Who needs to file Form DTF-626?
A: Individuals or businesses that have claimed the Low-Income Housing Credit and need to recapture a portion of it must file Form DTF-626.

Q: When is the deadline for filing Form DTF-626?
A: The deadline for filing Form DTF-626 is determined by the tax year in which the recapture event occurred. It is generally due on the same day as the associated tax return.

Q: What information is required to complete Form DTF-626?
A: Form DTF-626 requires information about the taxpayer, the low-income housing project, and the amount of credit being recaptured.

Q: Are there any penalties for not filing Form DTF-626?
A: Yes, failure to file Form DTF-626 or filing it late may result in penalties and interest charges.

Q: Can I e-file Form DTF-626?
A: No, currently Form DTF-626 can only be filed by mail.

Q: Can I get assistance with completing Form DTF-626?
A: Yes, you can contact the New York State Department of Taxation and Finance for assistance with completing Form DTF-626.

Q: What should I do if I made a mistake on Form DTF-626?
A: If you made a mistake on Form DTF-626, you should correct it as soon as possible by filing an amended form.