Las Vegas Nevada Form 8823 2023-2025

Las Vegas Nevada Form 8823: What You Should Know

Nevada Housing Code § 6310.4(b) and (c), provides that the taxpayer shall be issued a reportable failure to provide the low-income housing credit: (1) which results from a failure to: (i) comply with the applicable provisions or regulations of the Low Income Housing Credit Act (WICCA) [18 U.S.C. § 2401 et seq.]; (ii) pay the applicable tax; or (iii) otherwise provide the maximum credit; and (2) which is reported on the Taxpayer's Form 8971 in a timely manner, and: (i) the taxpayer provides no excuse; (ii) notice of the failure is provided in sufficient time to satisfy the requirements of the WICCA; and (iii) the taxpayer provides reasonable efforts to provide the maximum credit. The NHC provides a compliance form for the 8823 report. It may be accessed HERE. In order to receive the credit, the taxpayer must: A Nevada Housing Finance Authority will use information from a Form 8823 to determine compliance (or noncompliance). If such information identifies a taxpayer who: (i) is on a lease or tenant-based plan of treatment for a period in excess of 3 years; or (ii) is the owner or operator of the unit with the most credit-worthy unit owner, the NASA will review for the deficiency any overpayment on the lease or tenancy-based plan of treatment and shall issue a failure to provide credit form to the taxpayer within 10 business days. In addition, the Nevada Housing Finance Authority must complete the report pursuant to this Section. If applicable, the NASA will also notify the taxpayer of the pending review of the deficiency in a timely manner and, if any deficiency is found to exist, will issue a corrected Form 8823 for that period in the interest of the taxpayer and in furtherance of the proper administration of the Low Income Housing Credit Act. If the taxpayer is an owner of a unit in a low-income rental housing complex, but is not the lessee, the NVCA must also issue a failure to provide credit form within 10 business days from the date the NVCA is notified of the pending deficiency. If the NVCA does not issue the Form 8823 by that date, the landlord must pay the deficiency on the lease in a timely manner.

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