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8823 instructions Form: What You Should Know

Form 8823, Low-Income Housing Credit Agencies — IRS Guidance for preparing and filing Form 8823: Low-Income Housing Credit 1.4.3. Information Required on Tax Returns Reporting Requirements for Low-Income Housing Credit Tax Returns a. Taxpayers must prepare a tax return for all qualified housing credits, except the home improvement credits. For all other tax deductions, only an itemized list of the housing expenditures can be reported on the tax return. b. Reporting requirements do not apply to the following tax credits: (1) Qualified home improvement tax credit (2) Housing allowance (3) Home energy tax credit For amounts reported on Form 8910, “Low-Income Housing Tax Credit and Home Energy Credit Information for Individuals with Low Income”, you may  not report “Housing Allowance” on the tax return. (4) Home energy tax credit for the construction of a home. (5) Qualified home energy tax credit (Section 44(f) of the Internal Revenue Code) for a home that has a net operating loss at the time of the conversion to a qualified residence. A qualified residence is defined as one with a current tax basis within the new county that is more than the combined tax basis of all property held, acquired, or acquired for use by qualifying persons or qualified residents. You may claim the home energy credit for the first two years, or any portion of the first two years, and the value of your new home after the second year. If you claim the home energy credit in a county to which you were not originally eligible (or an income tax haven), you can't take other credit(s) in the new county for those years when you actually reside there. (6) Qualified residential building energy reduction credit. You cannot claim this credit on your tax return. Instead, report on line 21, “Other credits on the Form 1040.” (7) Home energy qualified building energy reduction credit. You cannot claim this credit on your tax return. Instead, report on line 21, “Other credits on the Form 1040.” (8) Qualified home energy credit (Section 44(h) of the Internal Revenue Code).

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