2008 Instruction 1120-H
Department of the Treasury
Internal Revenue Service
2008
Instructions for
Form 1120-H
U.S. Income Tax Return for Homeowners Associations
will work with the association to address
·
Current-year forms, instructions, and
Section references are to the Internal
its concerns. The association can expect
publications.
Revenue Code unless otherwise noted.
the advocate to provide:
·
Prior-year forms, instructions, and
publications.
·
An impartial and independent look at
·
Tax Map: an electronic research tool
your problem,
What's New
and finding aid.
·
Timely acknowledgment,
·
The filing address for certain
·
Tax Law frequently asked questions.
·
The name and phone number of the
associations whose principal business
·
Tax Topics from the IRS telephone
individual assigned to its case,
office or agency is located in Georgia and
response system.
·
Updates on progress,
Tennessee has changed. See Where To
·
Internal Revenue Code Title 26.
·
Time frames for action,
File on page 3.
·
Fill-in, print, and save features for most
·
Speedy resolution, and
·
A homeowners association can elect to
tax forms.
·
Courteous service.
claim an additional research tax credit
·
Internal Revenue Bulletins.
When contacting the Taxpayer
instead of claiming any additional
·
Toll-free and email technical support.
Advocate, the association should be
first-year special depreciation allowance
·
Two releases during the year.
prepared to provide the following
of eligible qualified property. See the
The first release will ship early January
information.
instructions for line 23g on page 5.
2009.
·
The association's name, address, and
·
For information on temporary tax relief
The final release will ship early March
employer identification number.
for certain taxpayers in Kiowa County,
2009.
·
The name and telephone number of an
Kansas, and surrounding areas, see Pub.
Purchase the DVD from National
authorized contact person and the hours
4492-A, Information for Taxpayers
Technical Information Service (NTIS) at
he or she can be reached.
Affected by the May 4, 2007, Kansas
www.irs.gov/cdorders for $30 (no
·
The type of tax return and year(s)
Storms and Tornadoes.
handling fee) or call 1-877-233-6767 toll
involved.
·
For information on tax relief granted to
free to purchase the DVD for $30 (plus a
·
A detailed description of the problem.
certain taxpayers in the Midwestern
$6 handling fee).
·
Previous attempts to solve the problem
disaster areas, see Pub. 4492-B,
and the office that was contacted.
By phone and in person. You can
Information for Affected Taxpayers in the
·
A description of the hardship the
order forms and publications by calling
Midwestern Disaster Areas.
association is facing and supporting
1-800-TAX-FORM (1-800-829-3676). You
documentation (if applicable).
can also get most forms and publications
Photographs of
at your local IRS office.
The association can contact a
Missing Children
Taxpayer Advocate as follows.
The Internal Revenue Service is a proud
General Instructions
·
Call the Taxpayer Advocate's toll-free
partner with the National Center for
number: 1-877-777-4778.
Missing and Exploited Children.
·
Call, write, or fax the Taxpayer
Purpose of Form
Photographs of missing children selected
Advocate office in its area (see Pub. 1546
by the Center may appear in instructions
A homeowners association files Form
for addresses and phone numbers).
on pages that would otherwise be blank.
1120-H as its income tax return to take
·
TTY/TDD help is available by calling
You can help bring these children home
advantage of certain tax benefits. These
1-800-829-4059.
by looking at the photographs and calling
benefits, in effect, allow the association to
·
Visit the website at
1-800-THE-LOST (1-800-843-5678) if you
exclude exempt function income (defined
www.irs.gov/advocate.
recognize a child.
later) from its gross income.
Unresolved Tax Issues
How To Get Forms
Electing To File Form
If the association has attempted to deal
and Publications
1120-H
with an IRS problem unsuccessfully, it
A homeowners association elects to take
Internet. You can access the IRS
should contact the Taxpayer Advocate.
advantage of the tax benefits provided by
website 24 hours a day, 7 days a week, at
The Taxpayer Advocate independently
section 528 by filing a properly completed
www.irs.gov to:
represents the association's interests and
Form 1120-H. The election is made
·
Download forms, instructions, and
concerns within the IRS by protecting its
separately for each tax year and generally
publications;
rights and resolving problems that have
must be made by the due date, including
·
Order IRS products online;
not been fixed through normal channels.
extensions, of the income tax return.
·
Research your tax questions online;
While Taxpayer Advocates cannot
·
Search publications online by topic or
This extension does not extend the
change the tax law or make a technical
keyword; and
time to pay the tax.
tax decision, they can clear up problems
·
Sign up to receive local and national
that resulted from previous contacts and
Once Form 1120-H is filed, the
tax news by email.
ensure that the association's case is
association cannot revoke its election for
given a complete and impartial review.
DVD for tax products. You can order
that year unless the IRS consents. The
The association's assigned personal
Pub. 1796, IRS Tax Products DVD, and
association may request IRS consent by
advocate will listen to its point of view and
obtain:
filing a ruling request. A user fee must be
Cat. No. 24935G
paid with all ruling requests. For more
associations and residential real estate
as customers, of the association's
information on ruling requests, see Rev.
management associations.
services.
Proc. 2008-1. You can find this revenue
Assessments or fees for a common
To qualify as a homeowners
procedure on page 1 of Internal Revenue
activity qualify but charges for providing
association, the following must apply.
Bulletin 2008-1 at
services do not qualify.
·
At least 60% of the association's gross
www.irs.gov/pub/irs-irbs/irb08-01.pdf.
income for the tax year must consist of
Examples. In general, exempt function
exempt function income (defined later).
If the association does not elect to use
income includes assessments made to:
·
At least 90% of the association's
Form 1120-H, it must file the applicable
1. Pay principal, interest, and real
expenses for the tax year must consist of
income tax return, for example, Form
estate taxes on association property.
expenses to acquire, build, manage,
1120.
2. Maintain association property.
maintain, or care for its property, and, in
3. Clear snow from public areas and
Automatic 12-month extension to
the case of a timeshare association, for
remove trash.
make election. If the homeowners
activities provided to, or on behalf of,
association fails to make the regulatory
members of the timeshare association.
Income that is not exempt function
election to be treated as a homeowners
·
No private shareholder or individual
income includes:
association, it can get an automatic
can profit from the association's net
1. Amounts that are not includible in
12-month extension to make the section
earnings except by acquiring, building,
the organization's gross income other
528 election, provided corrective action is
managing, or caring for association
than under section 528 (for example,
taken within 12 months of the due date
property or by a rebate of excess
tax-exempt interest).
(including extension) of the return. See
membership dues, fees, or assessments.
2. Payments from nonmembers.
Regulations section 301.9100-2 for more
·
The association must file Form 1120-H
3. Payments from members for
information.
to elect under section 528 to be treated
special use of the organization's facilities,
A homeowners association should
as a homeowners association.
apart from the use generally available to
compare its total tax computed on Form
all members.
Association property. Association
1120-H with its total tax computed on
4. Interest on amounts in a sinking
property includes real and personal
Form 1120, U.S. Corporation Income Tax
fund.
property that:
Return. The association may file the form
5. Payments for work done on
1. The association holds,
that results in the lowest tax.
nonassociation property.
2. The association's members hold in
6. Members' payments for
Tax rate. The taxable income of a
common,
transportation.
homeowners association that files its tax
3. The association's members hold
return on Form 1120-H is taxed at a flat
privately within the association, and
For more information, see Regulations
rate of 30% for condominium
4. Is owned by a governmental unit
section 1.528-9.
management associations and residential
and is used to benefit the unit's residents.
real estate associations. The tax rate for
When To File
timeshare associations is 32%. These
Timeshare association property
Generally, an association must file Form
rates apply to both ordinary income and
includes property related to the timeshare
1120-H by the 15th day of the 3rd month
capital gains.
project that the association or its
after the end of its tax year.
members have rights to use. These rights
If the association is tax exempt under
must arise out of recorded easements,
If the due date falls on a Saturday,
section 501(a), do not file Form 1120-H.
covenants, or other recorded instruments.
Sunday, or legal holiday, the association
See section 6033 and related regulations.
may file on the next business day.
If the association loses its exempt status,
For more information, see Regulations
Private delivery services. You can use
see Regulations section 1.528-8(e).
section 1.528-3.
certain private delivery services
Taxable income. Taxable income is the
designated by the IRS to meet the "timely
Definitions
excess, if any, of:
mailing as timely filing/paying" rule for tax
1. Gross income for the tax year,
Homeowners association. There are
returns and payments. See the
excluding exempt function income, over
three types of homeowners associations.
instructions for Form 1120 for details.
2. Allowed deductions directly
1. A condominium management
Extension. File Form 7004, Application
connected with producing any gross
association organized and operated to
for Automatic Extension of Time To File
income except exempt function income.
acquire, build, manage, maintain, and
Certain Business Income Tax,
Allowed deductions include a specific
care for the property in a condominium
Information, and Other Returns, to
$100 deduction. The following are not
project substantially all of whose units are
request a 6-month extension of time to
allowed:
homes for individuals.
file.
·
Net operating loss deduction
2. A residential real estate
(section 172).
management association organized and
Who Must Sign
·
Deductions under part VIII of
operated to acquire, build, manage,
The return must be signed and dated by
subchapter B (special deductions for
maintain, and care for a subdivision,
the president, vice-president, treasurer,
corporations).
development, or similar area substantially
assistant treasurer, chief accounting
all of whose lots or buildings are homes
officer, or any other association officer
If facilities are used (or personnel are
for individuals.
(such as tax officer) authorized to sign.
employed) for both exempt and
3. A timeshare association (other than
nonexempt purposes, see Regulations
If a return is filed on behalf of an
a condominium management association)
section 1.528-10.
association by a receiver, trustee, or
organized and operated to acquire, build,
assignee, the fiduciary must sign the
Exempt function income. Exempt
manage, maintain, and care for the
return, instead of the association officer.
function income consists of membership
property that has members who hold a
Returns and forms signed by a receiver or
dues, fees, or assessments from (a)
timeshare right to use, or a timeshare
trustee in bankruptcy on behalf of an
owners of condominium housing units, (b)
ownership interest in, real property of the
association must be accompanied by a
owners of real property in the case of a
timeshare association. A timeshare
copy of the order or instructions of the
residential real estate management
association cannot be a condominium
court authorizing signing of the return or
association, or (c) owners of timeshare
management association.
form.
rights to use, or timeshare ownership
See Regulations section 1.528-4 for
interests in, real property in the case of a
If an association officer completes
information regarding the "substantially
timeshare association. This income must
Form 1120-H, the paid preparer's space
all" test for condominium management
come from the members as owners, not
should remain blank. Anyone who
-2-
Instructions for Form 1120-H
prepares Form 1120-H but does not
If the "Yes" box is checked, the
information, see Form 3115 and Pub.
charge the association should not
association is authorizing the IRS to call
538, Accounting Periods and Methods.
complete that section. Generally, anyone
the paid preparer to answer any
There are some instances when the
who is paid to prepare the return must
questions that may arise during the
association can obtain automatic consent
sign it and fill in the "Paid Preparer's Use
processing of its return. The association
from the IRS to change to certain
Only" area.
is also authorizing the paid preparer to:
accounting methods. See Rev. Proc.
·
Give the IRS any information that is
2008-52, 2008-36 I.R.B. 587, as modified
The paid preparer must complete the
missing from the return,
by Announcement 2008-84, 2008-38
required preparer information and:
·
Call the IRS for information about the
I.R.B. 748.
·
Sign the return in the space provided
processing of the return or the status of
for the preparer's signature.
any related refund or payment(s), and
Change of Tax Year
·
Give a copy of the return to the
·
Respond to certain IRS notices about
taxpayer.
Generally, an association must get the
math errors, offsets, and return
consent of the IRS before changing its tax
Note. A paid preparer may sign original
preparation.
year by filing Form 1128, Application To
or amended returns by rubber stamp,
The association is not authorizing the
Adopt, Change, or Retain a Tax Year.
mechanical device, or computer software
paid preparer to receive any refund
However, under certain conditions, an
program.
check, bind the association to anything
association can change its tax year
(including any additional tax liability), or
without getting the consent.
Where To File
otherwise represent the association
For more information on change of tax
File the association's return at the
before the IRS.
year, see the Instructions for Form 1128
address listed below.
The authorization will automatically
and Pub. 538.
end no later than the due date (excluding
If the association's
Use the following
extensions) for filing the association's
Rounding Off to Whole
principal business,
address:
2009 tax return. If the association wants
office, or agency is
Dollars
to expand the paid preparer's
located in:
authorization, see Pub. 947, Practice
The association can round off cents to
Before the IRS and Power of Attorney.
Connecticut,
whole dollars on its return and schedules.
Delaware, District of
If the association does round to whole
Columbia, Georgia,
Other Forms and
dollars, it must round all amounts. To
Illinois, Indiana,
round, drop amounts under 50 cents and
Statements That May Be
Kentucky, Maine,
increase amounts from 50 to 99 cents to
Maryland,
the next dollar (for example, $1.39
Department of the
Required
Massachusetts,
becomes $1 and $2.50 becomes $3).
Treasury
See the Instructions for Form 1120 and
Michigan, New
Internal Revenue
If two or more amounts must be added
Pub. 542, Corporations, for a list of other
Hampshire, New
Service Center
to figure the amount to enter on a line,
forms and statements the association
Jersey, New York,
Cincinnati, OH
include cents when adding the amounts
may be required to file.
North Carolina, Ohio, 45999-0012
and round off only the total.
Pennsylvania, Rhode
Island, South
Assembling the Return
Carolina, Tennessee,
Payment of Tax (Line 24)
Attach Form 4136, Credit for Federal Tax
Vermont, Virginia,
The association must pay any tax due in
Paid on Fuels, to Form 1120-H. Attach
West Virginia,
full no later than the 15th day of the 3rd
schedules in alphabetical order and
Wisconsin
month after the end of the tax year. Do
additional forms in numerical order after
not include the payment with the tax
Alabama, Alaska,
Form 4136.
return. This payment must be deposited
Arizona, Arkansas,
Complete every applicable entry space
California, Colorado,
using Form 8109 or EFTPS, as discussed
on Form 1120-H. Do not write "See
Florida, Hawaii,
below.
Attached" instead of completing the entry
Idaho, Iowa, Kansas,
Electronic deposit requirement. The
Department of the
spaces. If more space is needed on the
Louisiana, Minnesota,
association must make electronic
Treasury
forms or schedules, attach separate
Mississippi, Missouri,
deposits of all depository taxes (such as
Internal Revenue
sheets using the same size and format as
Montana, Nebraska,
Service Center
employment tax, excise tax, and
the printed forms. If there are supporting
Nevada, New Mexico, Ogden, UT 84201-0012
corporate income tax) using the
statements and attachments, arrange
North Dakota,
Electronic Federal Tax Payment System
them in the same order as the schedules
Oklahoma, Oregon,
(EFTPS) in 2009 if:
or forms they support and attach them
South Dakota, Texas,
·
The total deposits of such taxes in
last. Show the totals on the printed forms.
Utah, Washington,
2007 were more than $200,000 or
Enter the association's name and EIN on
Wyoming
·
The association was required to use
each supporting statement or attachment.
Internal Revenue
EFTPS in 2008.
A foreign country or
Service Center
Accounting Methods
If the association is required to use
U.S. possession
P.O. Box 409101
EFTPS and fails to do so, it may be
Figure taxable income using the method
Ogden, UT 84409
subject to a 10% penalty. If the
of accounting regularly used in keeping
association is not required to use EFTPS,
the association's books and records. In all
it may participate voluntarily. To enroll in
cases, the method used must clearly
Paid Preparer
or get more information about EFTPS,
show taxable income. Permissible
call 1-800-555-4477. To enroll online, visit
Authorization
methods include cash, accrual, or any
the EFTPS website at www.eftps.gov.
other method authorized by the Internal
If the association wants to allow the IRS
Revenue Code.
Depositing on time. For EFTPS
to discuss its 2008 tax return with the paid
deposits to be made timely, the
preparer who signed it, check the "Yes"
Change in accounting method. To
association must initiate the transaction at
box in the signature area of the return.
change its method of accounting used to
least 1 business day before the date the
This authorization applies only to the
report taxable income (for income as a
deposit is due.
individual whose signature appears in the
whole or for the treatment of any material
"Paid Preparer's Use Only" section of the
item) the association generally must file
Deposits with Form 8109. If the
return. It does not apply to the firm, if any,
Form 3115, Application for Change in
association does not use EFTPS, deposit
shown in that section.
Accounting Method. For more
association income tax payments (and
-3-
Instructions for Form 1120-H
estimated tax payments) with Form 8109,
if the association can show that the failure
If the association has not received its
Federal Tax Deposit Coupon. If you do
to file on time was due to reasonable
EIN by the time the return is due, enter
not have a preprinted Form 8109, use
cause. Associations that file late should
"Applied for" and the date you applied in
Form 8109-B to make deposits. You can
attach a statement explaining the
the space for the EIN. For more details,
get this form by calling 1-800-829-4933 or
reasonable cause.
see the Instructions for Form SS-4.
visiting an IRS taxpayer assistance
Note. Only associations located in the
Late payment of tax. An association
center. Have your EIN ready when you
United States or U.S. possessions can
that does not pay the tax when due
call or visit.
use the online process.
generally may be penalized
1
/
2
of 1% of
Do not send deposits directly to an IRS
the unpaid tax for each month or part of a
Final return, name change, address
office; otherwise, the association may
month the tax is not paid, up to a
change, or amended return.
have to pay a penalty. Mail or deliver the
maximum of 25% of the unpaid tax. The
·
If the association ceases to exist, file
completed Form 8109 with the payment
penalty will not be imposed if the
Form 1120-H and check the "Final return"
to an authorized depositary (a commercial
association can show that the failure to
box.
bank or other financial institution
pay on time was due to reasonable
·
If the association changed its name
authorized to accept federal tax deposits).
cause.
since it last filed a return, check the box
Make checks or money orders payable to
Other penalties. Other penalties can be
for "Name change."
the depositary.
imposed for negligence, substantial
·
If the association has changed its
If the association prefers it can mail
understatement of tax, reportable
address since it last filed a return
the coupon and payment to: Financial
transaction understatements, and fraud.
(including a change to an "in care of"
Agent, Federal Tax Deposit Processing,
See sections 6662, 6662A, and 6663.
address), check the box for "Address
P.O. Box 970030, St. Louis, MO 63197.
change."
Make the check or money order payable
·
To amend a previously filed Form
Specific Instructions
to "Financial Agent."
1120-H, file a corrected Form 1120-H and
check the "Amended return" box.
Period covered. File the 2008 return for
To help ensure proper crediting, enter
calendar year 2008, and fiscal years that
Note. If a change in address occurs after
the association's EIN, the tax period to
begin in 2008 and end in 2009. For a
the return is filed, use Form 8822,
which the deposit applies, and "Form
fiscal or short tax year return, fill in the tax
Change of Address, to notify the IRS of
1120-H" on the check or money order.
year space at the top of the form.
the new address.
Darken the "1120" box under "Type of
Tax" and the appropriate "Quarter" box
The 2008 Form 1120-H can also be
Item A. Type of homeowners
under "Tax Period" on the coupon.
used if (a) the association has a tax year
association. See Definitions on page 2.
Records of these deposits will be sent to
of less than 12 months that begins and
Item B. 60% gross income test. At
the IRS. For more information on
ends in 2009 and (b) the 2009 Form
least 60% of the association's gross
deposits, see the instructions in the
1120-H is not available at the time the
income for the tax year must consist of
coupon booklet (Form 8109).
association is required to file its return.
exempt function income. See Exempt
The association must show its 2009
function income on page 2.
Estimated Tax and
tax year on the 2008 Form 1120-H and
Item C. 90% expenditure test. At least
Alternative Minimum Tax
take into account any tax law changes
90% of the association's expenditures for
that are effective for tax years beginning
These items do not apply to homeowners
the tax year must consist of expenses to
after December 31, 2008.
associations electing to file Form 1120-H.
acquire, build, manage, maintain, and
However, a homeowners association that
Name and address. Enter the
care for property, and in the case of a
does not elect to file Form 1120-H may be
association's true name (as set forth in
timeshare association, for activities
required to make payments of estimated
the charter or other legal document
provided to, or on behalf of, members of
tax. Because the election is not made
creating it), address, and EIN on the
the timeshare association. Include current
until the return is filed, Form 1120-H
appropriate lines. Include the suite, room,
and capital expenditures. Use the
provides lines for estimated tax payments
or other unit number after the street
association's accounting method to figure
and the crediting of overpayments against
address. If a preaddressed label is used,
the total.
tax if estimated tax payments or
include this information on the label. If the
Include:
overpayments apply.
post office does not deliver mail to the
1. Salary for an association manager
street address and the association has a
or secretary.
P.O. box, show the box number instead.
Interest and Penalties
2. Expenses for gardening, paving,
If the association receives its mail in
Interest. Interest is charged on taxes
street signs, security guards, and property
care of a third party (such as an
paid late even if an extension of time to
taxes assessed on association property.
accountant or an attorney), enter on the
file is granted. Interest is also charged on
3. Current operating and capital
street address line "C/O" followed by the
penalties imposed for failure to file,
expenditures for tennis courts, swimming
third party's name and street address or
negligence, fraud, substantial valuation
pools, recreation halls, etc.
P.O. box.
misstatements, substantial
4. Replacement costs for common
understatements of tax, and reportable
buildings, heating, air conditioning,
Employer identification number (EIN).
transaction understatements from the due
elevators, etc.
Enter the association's EIN. If the
date (including extensions) to the date of
association does not have an EIN, it must
payment. The interest charge is figured at
Do not include expenditures for
apply for one. An EIN may be applied for:
a rate determined under section 6621.
property that is not association property.
·
Online -- Click on the EIN link at
Also, do not include investments or
Late filing of return. In addition to
www.irs.gov/businesses/small. The EIN is
transfers of funds held to meet future
losing the right to elect to file Form
issued immediately once the application
costs. An example would be transfers to a
1120-H, a homeowners association that
information is validated.
sinking fund to replace a roof, even if the
does not file its tax return by the due date,
·
By telephone at 1-800-829-4933 on
roof is association property.
including extensions, may be penalized
Monday through Friday from 7:00 a.m. to
5% of the unpaid tax for each month or
10:00 p.m. in the association's local time
Item D. Enter the association's total
part of a month the return is late, up to a
zone (Alaska and Hawaii follow Pacific
expenditures for the tax year including
maximum of 25% of the unpaid tax. The
time).
those expenditures directly related to
minimum penalty for a return that is over
·
By mailing or faxing Form SS-4,
exempt function income. Use the
60 days late is the smaller of the tax due
Application for Employer Identification
association's accounting method to figure
or $135. The penalty will not be imposed
Number.
the entry for item D.
-4-
Instructions for Form 1120-H
Item E. Show any tax-exempt interest
Refundable credit from Form 3800. A
You are not required to provide the
received or accrued. Include any
homeowners association can elect to
information requested on a form that is
exempt-interest dividend received as a
claim an additional research tax credit
subject to the Paperwork Reduction Act
shareholder in a mutual fund or other
instead of claiming any additional
unless the form displays a valid OMB
regulated investment company.
first-year special depreciation allowance
control number. Books or records relating
of eligible qualified property. If the
to a form or its instructions must be
Line 15. Other deductions. Expenses,
association makes the election, include
retained as long as their contents may
depreciation, and similar items must not
the amount from line 19c of Form 3800 in
become material in the administration of
only qualify as items of deduction, but
the total for line 23g. Enter "Refundable
any Internal Revenue law. Generally, tax
must also be directly connected with the
credit from Form 3800" next to the entry
returns and return information are
production of gross income to be
space for line 23g.
confidential, as required by section 6103.
deductible in computing the unrelated
taxable income.
For more information, see the
The time needed to complete and file
Instructions for Form 3800. Also, see
this form will vary depending on individual
Line 21. Tax credits. The association
Rev. Proc. 2008-65, 2008-44 I.R.B. 1082.
circumstances. The estimated average
may qualify for the following tax credits:
time is:
·
Foreign tax credit (Form 1118).
Backup withholding. If the association
·
Qualified electric vehicle credit (Form
had income tax withheld from any
Recordkeeping . . . . . . . . .
11 hr., 57 min.
8834).
payments it received because, for
Learning about the law or
·
General business credit (Form 3800).
example, it failed to give the payer its
the form . . . . . . . . . . . . . .
5 hr., 19 min.
correct EIN, include the amount withheld
Note. Homeowners associations cannot
Preparing the form . . . . . . .
13 hr., 12 min.
in the total for line 23g. This type of
claim the investment credit.
Copying, assembling, and
withholding is called backup withholding.
sending the form to
Enter the total amount of credits on
Show the amount withheld in the blank
the IRS . . . . . . . . . . . . . . .
2 hr., 9 min.
line 21 and attach the appropriate form(s).
space in the right-hand column between
Line 22. If the association must
lines 22 and 23g, and write "Backup
If you have comments concerning the
recapture any of the low-income housing
Withholding."
accuracy of these time estimates or
credit (or the qualified electric vehicle or
suggestions for making this form simpler,
Privacy Act and Paperwork Reduction
new markets credit), include the amount
we would be happy to hear from you. You
Act Notice. We ask for the information
of the recapture in the total for line 22. To
can write to the Internal Revenue Service,
on this form to carry out the Internal
the right of the entry space, write "LIHTC,"
Tax Products Coordinating Committee,
Revenue laws of the United States. You
"QEV," or "NMTC," "recapture," and the
SE:W:CAR:MP:T:T:SP, 1111 Constitution
are required to give us the information.
amount. For details, see Form 8611,
Ave. NW, IR-6526, Washington, DC
We need it to ensure that you are
Recapture of Low-Income Housing Credit;
20224. Do not send the tax form to this
complying with these laws and to allow us
Regulations section 1.30-1 (regarding the
office. Instead, see Where To File on
to figure and collect the right amount of
qualified electric vehicle credit); or Form
page 3.
tax. Section 6109 requires return
8874, New Markets Credit.
preparers to provide their identifying
Line 23g. Total Payments. Add the
numbers on the return.
amounts on lines 23c through 23f and
enter the total on line 23g.
-5-
Instructions for Form 1120-H