Instructions for Form IC-833 Schedule LI Wisconsin Low-Income Housing Tax Credit - Wisconsin

Form IC-833 Schedule LI Wisconsin Low-Income Housing Tax Credit - Wisconsin

This document contains official instructions for Form IC-833 Schedule LI, Wisconsin Low-Income Housing Tax Credit - a form released and collected by the Wisconsin Department of Revenue. An up-to-date fillable Form IC-833 Schedule LI is available for download through this link.

FAQ

Q: What is Form IC-833 Schedule LI?A: Form IC-833 Schedule LI is a Wisconsin state tax form used to claim the Low-Income Housing Tax Credit in Wisconsin.

Q: What is the Low-Income Housing Tax Credit?A: The Low-Income Housing Tax Credit is a tax incentive program that encourages the development of affordable rental housing for low-income individuals and families.

Q: Who is eligible to claim the Low-Income Housing Tax Credit in Wisconsin?A: Developers and owners of qualifying low-income housing projects in Wisconsin are eligible to claim the Low-Income Housing Tax Credit.

Q: What information is required to complete Form IC-833 Schedule LI?A: Form IC-833 Schedule LI requires information about the low-income housing project, including the number of units, qualifying income levels, and eligible project costs.

Q: When is the deadline to file Form IC-833 Schedule LI?A: The deadline to file Form IC-833 Schedule LI is the same as the deadline to file your Wisconsin state tax return, typically April 15th.

Q: Can I claim the Low-Income Housing Tax Credit on my federal tax return?A: No, the Low-Income Housing Tax Credit can only be claimed on your Wisconsin state tax return.

Q: Are there any limitations or restrictions on claiming the Low-Income Housing Tax Credit?A: Yes, there are certain limitations and restrictions on claiming the Low-Income Housing Tax Credit, including income limits for eligible tenants and compliance with program requirements.

Q: Do I need to attach any supporting documentation to Form IC-833 Schedule LI?A: Yes, you may need to attach supporting documentation, such as rental income certifications and cost certifications, to Form IC-833 Schedule LI.

Q: Who should I contact if I have questions or need assistance with Form IC-833 Schedule LI?A: You should contact the Wisconsin Department of Revenue or consult a tax professional if you have questions or need assistance with Form IC-833 Schedule LI.