Another Handy Gift to our Readers!

Costello Compliance spoke at the NCSHA Conference in Chicago this week. One of the topics we discussed was Casualty Loss as part of the Hot Topics panel. Many in attendance expressed that they would like a simple guide that lays out casualty loss provisions of the tax credit programs, which have changed with several IRS publications over the years. I remembered that such a heavily-referenced handout is part of our Tax Credit Casualty Loss Webinar. So, to meet this need, we made available this handout to assist conference attendees. Additionally, we were asked to put it on our website. As a gift to our loyal blog readers, I am posting it here, as well. Enjoy! Download the handout by clicking

Aspire to Average! - Part 4

The Available Unit Rule & Conclusion On March 23, 2018, an omnibus spending bill, the Consolidated Appropriations Act of 2018, contained provisions that made significant changes to the Housing Tax Credit program. One of these provisions is a new minimum set-aside, which the law refers to as the Average Income Test. This series of articles discusses common questions about this option, what we know about it, and questions that are still unanswered. Series Outline Part 1. Which Projects Can Use Averaging and When? Part 2. How Does Income Averaging Work? Part 3. Benefits & Challenges Income Averaging Presents Part 4. The Available Unit Rule & Conclusion As mentioned in the last article, the new

Form 8609 Revised! The Income Average Test option is now included.

Today the IRS issued an adjusted form IRS-8609 HERE. Line 10 now includes the option to elect the Income Average Test, referred to in the form as "Income Average." As we have been discussing in our ongoing Costello Blog series, Aspire to Average, the 2018 Omnibus Tax Act added a new minimum set-aside (MSA) to the options available. As the MSA is an irrevocable election, the new option is only available to properties that have not elected the MSA by submitting the form 8609 after the first year of the credit period. As the law change happened before tax returns were due in 2018, many owners have held off making the election until the IRS made changes to the form to allow for the election. We

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