Form 8586 - Low-Income Housing Credit Page 2
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Form 8586 (Rev. 12-2006)
Specific Instructions
You are not required to provide the information
requested on a form that is subject to the Paperwork
Line 2. A decrease in qualified basis will result in
Reduction Act unless the form displays a valid OMB
recapture if the qualified basis at the close of the tax
control number. Books or records relating to a form or
year is less than the qualified basis at the close of the
its instructions must be retained as long as their
first year of the credit period.
contents may become material in the administration of
If the reduction in qualified basis at the close of the
any Internal Revenue law. Generally, tax returns and
tax year also results in a violation of the minimum
return information are confidential, as required by
set-aside requirement, then no credit is allowable for
section 6103.
the year.
The time needed to complete and file this form will
Line 3. The credit for the year is figured on Form
vary depending on individual circumstances. The
8609-A for each building. Attach a copy of each Form
estimated burden for individual taxpayers filing this
8609-A you completed for the tax year to Form 8586.
form is approved under OMB control number
Enter on line 3 the total credit from attached Form(s)
1545-0074 and is included in the estimates shown in
8609-A.
the instructions for their individual income tax return.
The estimated burden for all other taxpayers who file
Line 6. Allocate the amount on line 5 between the
this form is: Recordkeeping, 5 hr., 44 min.; Learning
estate and trust and the beneficiaries in proportion to
about the law or the form, 1 hr., 37 min.; Preparing
the income allocable to each. On line 6, enter the
the form, 3 hr., 39 min.; Copying, assembling, and
beneficiaries allocated amount.
sending the form to the IRS, 32 min.
If you have comments concerning the accuracy of
Paperwork Reduction Act Notice. We ask for the
these time estimates or suggestions for making this
information on this form to carry out the Internal
form simpler, we would be happy to hear from you.
Revenue laws of the United States. You are required to
See the instructions for the tax return with which this
give us the information. We need it to ensure that you
form is filed.
are complying with these laws and to allow us to figure
and collect the right amount of tax.
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