Low Income Housing Tax Credit!!

I currently have a section 8 tenant in one of my rentals. Do I qualify for the low income housing tax credit. If so how do I pursue this.

Comments(2)

  • DaveT9th February, 2004

    No, Section 8 property does not qualify.

    You can purchase shares in limited partnerships that are registered with the IRS and do qualify for the low income housing tax credit. In order to take full advantage of the tax credit, you need to have a pretty good passive income stream as well. Otherwise, your credits are suspended and carried forward indefinitely until the project is sold (minimum project life is 15 years). At that time all your accumulated suspended credits can be used to reduce your capital gains taxes.

  • neophyte19th February, 2004

    Thanks

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