Instructions For Form 1120-H - 2008 (Page 5 of 5) in pdf

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.

Enter the total amount of credits on

sending the form to

Show the amount withheld in the blank

line 21 and attach the appropriate form(s).

the IRS . . . . . . . . . . . . . . .

2 hr., 9 min.

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

are required to give us the information.

SE:W:CAR:MP:T:T:SP, 1111 Constitution

amount. For details, see Form 8611,

We need it to ensure that you are

Ave. NW, IR-6526, Washington, DC

Recapture of Low-Income Housing Credit;

complying with these laws and to allow us

20224. Do not send the tax form to this

Regulations section 1.30-1 (regarding the

to figure and collect the right amount of

office. Instead, see Where To File on

qualified electric vehicle credit); or Form

tax. Section 6109 requires return

page 3.

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

Instructions For Form 1120-H - 2008 Page 5

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