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8823 Form: What You Should Know

Taxpayers should not rely on information provided on Form 8823 alone to determine compliance with the federal tax laws. Dec 5, 2024 — The IRS sent out notice that the Forms 8823 would be discontinued effective Jan 1, 2007. The information contained in these guidelines does not provide advice on every tax situation.

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Video instructions and help with filling out and completing Form 8823

Instructions and Help about Form 8823

Good afternoon, I'm Joe Echo Himer, and I'm with the National Center for Housing Management. I'd like to take a couple of minutes to discuss with you our Tax Credit Specialist Course, or TCS. It's a three-day certification course, much like all of our other certification courses here at Mitchum. We start on the first day with an introduction to the program, including background and history. We then spend the remainder of the course discussing compliance. After our lunch break on the first day, we come back and dive headlong into Chapter five of the HUD Handbook 43 50.3. This is where the Section 42 regulations direct us to borrow from the Section eight guidance in the HUD Handbook. We use this information to qualify our families based on their income and assets. Day two shifts gears a little bit. We get into the fifth section of the program, where we spend the better part of the day talking about eligibility. Finally, we finish up at the end of the second day discussing ongoing eligibility. We discuss in detail the annual recertification requirements, including specific rules such as the 140 percent rule for income at recertification, the next available unit rule, the unit vacancy rule, and more. We conclude the day with a short fair housing review. Throughout the class, there are quizzes, exercises, and a lot of discussion to help reinforce the information presented during the course. There is also a little bit of homework on the night of the second day. On the third day, students spend most of their time taking the comprehensive 100-question tax credit certification exam. I'd like to encourage all those involved in the tax credit industry, whether at the site level, regional management level, or anyone involved in putting together these often complicated deals, to consider taking...