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Private Letter Ruling Provides Extension to Taxpayer That Made Incorrect Election on Forms 8609

Monday, January 17, 2022 - 11:30AM

The Internal Revenue Service (IRS) published a private letter ruling last week granting an extension to a taxpayer that filled out IRS Forms 8609 with incorrect information. PLR-202202002 states the taxpayer intended to begin the low-income housing tax credit (LIHTC) period in the year after the building was placed in service, but instead erroneously entered the date as the year service began. The taxpayer was granted an additional 120 days to make its elections. PLRs are directed only to the taxpayer requesting them and may not be used or cited as precedents.

Learn more about LIHTCs at the Novogradac 2022 Affordable Housing Conference April 28-29 at the Grant Hyatt San Francisco and online.

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