HCCP exam Latest Update - Actual Exam

HCCP exam Latest Update - Actual Exam Questions and 100% Verified Correct Answers Guaranteed A+

40 hours a week, hourly pay by - CORRECT ANSWER: 2,080

A notable exception is reporting of non compliance to the IRS - CORRECT ANSWER: Using form 8823

A tenant income certification and supporting documentation are not sufficient unless, at minimum the following documents are included - CORRECT ANSWER: 1. Household application/income and asset questionnaire

• Verification of income and assets
• Student status
• Tenant income certification (TIC)

Allocation rules are spelled out in a - CORRECT ANSWER: Qualified allocation plan (QAP)

Annual income - CORRECT ANSWER: Earned income + unearned income + income from assets before any deductions are taken ( gross income)

Applications are scored according to the - CORRECT ANSWER: QAP, and credits are awarded accordingly

Bi weekly wages - CORRECT ANSWER: 26

Completed IRS 1040 schedules C, E, F - CORRECT ANSWER: C- business income

E- rental income F- farm income

• / 2

Define a live in attendant - CORRECT ANSWER: A person who resides with one or more elderly persons or persons with disabilities Is determined to be essential to care of the persons Not obligated for the support of the persons and will NOT contribute materially to the household Would not be living in the unit except to probed necessary supportive services

Earned income - CORRECT ANSWER: Income from jobs or wages

General Partner - CORRECT ANSWER: An owner (partner) who has unlimited liability and is active in managing the firm.

Household income for tax credit properties is determined in a manner consistent with - CORRECT

ANSWER: Section 8 housing rules

If third party verification cannot be gathered or employer will not cooperate... - CORRECT ANSWER: Current, complete, and unaltered original documents are allowed

Limited Partnership (LP) - CORRECT ANSWER: A partnership in which one or more partners have limited liability as long as at least one partner (the general partner) has unlimited liability. The limited partners are passive investors that cannot take an active role in the firm's management.

Monthly wages - CORRECT ANSWER: 12

Semi monthly wages - CORRECT ANSWER: 24

State HFA's are used by the IRS to carry out two primary functions - CORRECT ANSWER: The allocation of credits and compliance monitoring

State HFAs are often called - CORRECT ANSWER: State agencies or state allocating agencies

Student status exemptions - CORRECT ANSWER: 1. All adult household members are married and entitled to file a joint tax return

• / 2