Form 8611 (Rev-2025

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Form 8611 is used for the recapture of the Low-Income Housing Credit when there is a decrease in qualified basis or a disposal of a building. The form requires detailed information about the building, prior credits claimed, and calculations to determine the recapture amount. It includes specific instructions for flow-through entities and outlines conditions under which recapture does not apply. Additionally, it provides guidance on recordkeeping and estimated time for completion.

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What is the IRS form for a charitable remainder trust?

Tax filings for charitable remainder trusts Form 5227: Reports financial activities, including the disposition of the trusts assets. Accounts for current-year and accumulated trust income. Documents deductions.

What does Rev mean on IRS form?

Definition: REV. PROC. is an abbreviation for REVENUE PROCEDURE. REVENUE PROCEDURE is a set of guidelines issued by the Internal Revenue Service (IRS) that provides instructions and procedures for taxpayers to follow when complying with tax laws.

What is the meaning of recapture of low-income housing credit?

Conditions for recapture of the credit And, the building must continue to meet certification requirements. If not, the owner may have to recapture a portion of the credit allocation using Form 8611, Recapture of Low-Income Housing Credit. Recapture refers to adding back income that a credit previously reduced.

What is an example of a revenue ruling?

Revenue Ruling 57-523 discusses whether certain income derived from lands owned and rented by an Indian of mixed blood is includible in gross income for Federal income tax purposes. Held, the income derived by the Indian from the sale of such land is not subject to Federal income tax.

What does rev proc stand for?

A revenue procedure is an official statement of a procedure published in the Bulletin that either affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code and related statutes, treaties, and regulations or, although not necessarily affecting the rights and duties of the

What is rev proc 97 48 and rev proc 2003 43?

Proc. 97-48 and Rev. Proc. 2003-43 provide simplified methods for taxpayers to request relief for a late S corporation election in certain circumstances. .02 ESBT and QSST Elections.

What is form 8611 used for?

Use this form if you must recapture part of the low-income housing credit you claimed in previous years because the qualified basis decreased from one year to the next or you disposed of a building, or your interest therein, and you did not follow the procedures that would have prevented recapture of the credit.

What does a revenue officer do for the IRS?

Revenue officers educate taxpayers on their tax filing and paying obligations and provide guidance and service on a wide range of financial issues to help the taxpayer resolve their tax issues. They also ensure taxpayers are aware of their rights under the law and provide them with quality customer service.

Form 8611 (Rev-2025

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