Georgia Low Income Housing Tax Credit

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thebigad
Posts: 53
Joined: Thu Mar 07, 2013 9:53 am

Georgia Low Income Housing Tax Credit

Post by thebigad » Mon Mar 13, 2017 8:57 pm

Anyone on this board avail of this tax credit? This is my first go and I'm a little confused about the paperwork involved in claiming the tax credit. Just looking for a little guidance around Georgia Form IT-HC and Georgia Form 700 Schedule K-1 Equivalent.

Thanks!

RudyS
Posts: 831
Joined: Tue Oct 27, 2015 10:11 am

Re: Georgia Low Income Housing Tax Credit

Post by RudyS » Mon Mar 13, 2017 9:41 pm

Is there a VITA or AARP TaxAide site in your area? Those folks are eager and ready to help with this type of question. I volunteer for AARP TaxAide in Michigan, and many (most?) of our clients qualify for a "Homestead Property Tax credit" based on income versus RE Taxes or rent. If this question is not for you, you could refer the involved person to such a site.

thebigad
Posts: 53
Joined: Thu Mar 07, 2013 9:53 am

Re: Georgia Low Income Housing Tax Credit

Post by thebigad » Tue Mar 14, 2017 7:37 pm

RudyS wrote:Is there a VITA or AARP TaxAide site in your area? Those folks are eager and ready to help with this type of question. I volunteer for AARP TaxAide in Michigan, and many (most?) of our clients qualify for a "Homestead Property Tax credit" based on income versus RE Taxes or rent. If this question is not for you, you could refer the involved person to such a site.



Thanks. This is a different credit and only works for folks in the high tax brackets.

dbltrbl
Posts: 865
Joined: Thu Mar 01, 2007 11:52 am

Re: Georgia Low Income Housing Tax Credit

Post by dbltrbl » Tue Mar 14, 2017 7:48 pm

Go to nearest library and ask the librarian if there are resources for you to understand what is needed.

Cuzz35
Posts: 371
Joined: Mon Jun 28, 2010 11:14 pm
Location: Marietta, GA

Re: Georgia Low Income Housing Tax Credit

Post by Cuzz35 » Wed Mar 15, 2017 9:49 am

Hi there. I see these all the time.

The IT-HC is fairly straight forward. It should show the amount of credits you were allocated under the tax year. The unused carry forward section is where you would enter any LIHTC that was carried over from 2015. Below that you add up the two boxes above that to come up with your total credits.

You then enter your Georgia tax liability for the current year.

Current year credits allowed is the amount you are using in the current year which is capped at your GA liability.

The unused amount is the excess credit over your GA liability.

Cuzz35
Posts: 371
Joined: Mon Jun 28, 2010 11:14 pm
Location: Marietta, GA

Re: Georgia Low Income Housing Tax Credit

Post by Cuzz35 » Wed Mar 15, 2017 9:55 am

To claim the credit on your GA return you need to file schedule 2 - GA Tax credits.

The credit code is going to be 109. You need to fill in the company that generated the credit and the EIN.

The rest should be fairly self explanatory.

Happy to help if you have any more specific questions feel free to PM me.

thebigad
Posts: 53
Joined: Thu Mar 07, 2013 9:53 am

Re: Georgia Low Income Housing Tax Credit

Post by thebigad » Mon Mar 20, 2017 5:39 pm

Cuzz35 wrote:To claim the credit on your GA return you need to file schedule 2 - GA Tax credits.

The credit code is going to be 109. You need to fill in the company that generated the credit and the EIN.

The rest should be fairly self explanatory.

Happy to help if you have any more specific questions feel free to PM me.


Awesome. Thanks a lot. I'm going to take a stab at it and PM you if I have questions.

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