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Department of the Treasury

Internal Revenue Service

Instructions for Form 1066

U.S. Real Estate Mortgage Investment Conduit

(REMIC) Income Tax Return

Section references are to the Internal Revenue Code, unless otherwise noted.

Buy the CD-ROM on the Internet at

information needed to apply section

Changes To Note

from the National

860E(e) will be made available by the

•

The REMIC may need to mail its return

Technical Information Service (NTIS) for

entity.

to a different service center this year

$21 (no handling fee) or call

because the IRS has changed the filing

Note: Paragraph 6 does not apply to

1-877-CDFORMS (1-877-233-6767) toll

location for several areas. See Where To

REMICs with a startup day before April 1,

free to buy the CD-ROM for $21 (plus a

File on page 2.

1988 (or those formed under a binding

$5 handling fee).

•

If the REMIC wants to allow the IRS to

contract in effect on March 31, 1988).

By phone and in person. You can order

discuss its 2001 tax return with the paid

forms and publications 24 hours a day, 7

See section 860G for definitions and

preparer who signed it, check the “Yes”

days a week, by calling

special rules. See section 860D(a)

box in the area where the person acting

1-800-TAX-FORM (1-800-829-3676). You

regarding qualification as a REMIC during

for the REMIC signed the return. See

can also get most forms and publications

a qualified liquidation.

page 4 for details.

at your local IRS office.

Making the Election

Photographs of Missing

The election to be treated as a REMIC is

Children

General Instructions

made by timely filing, for the first tax year

The Internal Revenue Service is a proud

of its existence, a Form 1066 signed by

partner with the National Center for

Purpose of Form

an authorized person. Once the election

Missing and Exploited Children.

is made, it stays in effect for all years until

Form 1066 is used to report the income,

Photographs of missing children selected

it is terminated.

deductions, and gains and losses from

by the Center may appear in instructions

the operation of a REMIC. In addition, the

First Tax Year

on pages that would otherwise be blank.

form is used by the REMIC to report and

You can help bring these children home

For the first tax year of a REMIC’s

pay the taxes on net income from

by looking at the photographs and calling

existence, the REMIC must furnish the

prohibited transactions, net income from

1-800-THE-LOST (1-800-843-5678) if you

following in a separate statement

foreclosure property, and contributions

recognize a child.

attached to the REMIC’s initial return:

after the startup day.

1. Information concerning the terms of

How To Get Forms and

Who Must File

the regular interests and the designated

Publications

An entity must file Form 1066 if it elected

residual interest of the REMIC, or a copy

to be treated as a REMIC for its first tax

Personal computer. You can access the

of the offering circular or prospectus

year (and the election is still in effect) and

IRS Web Site 24 hours a day, 7 days a

containing such information, and

it meets the section 860D(a) requirements

week at to:

2. A description of the prepayment

•

listed below.

Download forms, instructions, and

and reinvestment assumptions made in

publications.

accordance with section 1272(a)(6) and

A REMIC is any entity:

•

See answers to frequently asked tax

its regulations, including documentation

1. To which an election to be treated

questions.

supporting the selection of the

as a REMIC applies for the tax year and

•

Search publications on-line by topic or

prepayment assumption.

all prior tax years,

keyword.

2. All of the interests in which are

•

Send us comments or request help by

Termination of Election

regular interests or residual interests,

e-mail.

3. That has one (and only one) class

If the entity ceased to qualify as a REMIC

•

of residual interests and all distributions, if

under the requirements of section

tax news by e-mail.

any, with respect to such interests are pro

860D(a) in 2001, the election to be a

You can also reach us using file

rata,

REMIC is terminated for 2001 and all

transfer protocol at ftp.irs.gov.

4. Substantially all of the assets of

future years. For 2001 and all future years

CD-ROM. Order Pub. 1796, Federal Tax

which consist of qualified mortgages and

you must file the tax form for similarly

Products on CD-ROM, and get:

permitted investments (as of the close of

organized entities (corporations,

•

Current year forms, instructions, and

the 3rd month beginning after the startup

partnerships, trusts, etc.).

publications.

day (defined in the instructions for Item B,

•

When To File

Prior year forms, instructions, and

on page 4) and at all times thereafter),

publications.

5. That has a calendar tax year, and

Generally, REMICs must file the 2001

•

Frequently requested tax forms that

6. For which reasonable

Form 1066 by April 15, 2002. However, if

may be filled in electronically, printed out

arrangements have been designed to

2001 is the entity’s final return, Form

for submission, and saved for

ensure that (a) residual interests are not

1066 is due by the 15th day of the 4th

recordkeeping.

held by disqualified organizations (as

month following the date the REMIC

•

The Internal Revenue Bulletin.

defined in section 860E(e)(5)), and (b)

ceased to exist.

Cat. No. 64231R

Form 1066 - Instructions For U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return Form

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