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Form 8823 ND: What You Should Know
About the 8741 and 8742 of Form 8823 Taxpayers should include an 8741 if they plan to file Form 8823 with states and local entities who will determine tax liability for a particular taxpayer. The 8741 will require the taxpayers to provide information on the noncompliance reportable to states. The 8742 must be filed with the IRS, for the purpose of reporting property dispositions. Taxpayers can find out if either 8741 will apply to them by using their federal tax return. Taxpayers should obtain a copy of the 8741 and 8742 if they plan to file with state and local authorities or property developers and if they plan to report losses or dispositions of a property or structures through the 8742. However, they should not include the 8741 or 8742 on the Form 8823 as all the information reported on the individual 8741/8742 is self-directed and can be obtained by using their federal tax return. The 8741 and 8742 are self-directed because the taxpayer has to report the property to the state or local government through the IRS in response to a notice of noncompliance that is sent directly by that government, rather than through a state- or local-based property developer or owner of units. Taxpayers who have a question regarding form 8823 can contact the IRS directly. What Does the 8823 Do to Low-Income Housing Program Qualified Project Owners? Qualified project ownership High-profit residential housing for low-income families, seniors or persons with disabilities and qualified senior citizen residences For tax years starting in 2014, you cannot obtain a tax break of 1,300/resident and/or 3,500/resident of qualified project ownership using this form. The 8823 is not used to obtain a tax break because eligible homebuyers are exempt from the 1,300/3,500 income tax. Taxpayers must have a qualifying lease agreement with the property to claim the tax breaks. Low-income housing for people with disabilities and seniors. Qualify owners do not have to make payment on qualifying expenses. Qualify Project Owners' Property Qualified owners are allowed deductions up to 16,000/resident. Qualified senior citizens cannot get a deduction on residential condominium units and certain owner-occupied rental and lease properties.
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