| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #14877 | Closed | public | Multifamily | Les Sparks |
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Hello, we have a for-profit client that bought two properties with two Section 8 HAP contracts last year. Both contracts individually generate less than 500K in subsidized income. Combined they generate 700K . For tax purposes both properties are reported under one EIN. Can the client submit two owner -certified financial statements, since these are two different HAP contracts and both under 500K? Or they will be viewed as combined contracts and prompt the financial statement audit? |
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Attached is the guidance we have reviewed, But it is still unclear if the owner choses to file individually, does that mean the thresholds of 500K apply individually? |
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Kate, I believe this has already been answered outside of this system. EIN governs everything. If they share the same EIN, then you measure their expenditures at the EIN level. Housing Notice 2013-23 gives this guidance. It is attached.
Les Sparks AHACPA (801) 547-0809
From: AHACPA Support <support@ahacpa.org> |