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If you need more time to file a REMIC

Note: In the case of 2 or 3 above, fill in

drop amounts less than 50 cents and

return, get Form 8736, Application for

the tax year space at the top of the form.

increase amounts from 50 cents through

99 cents to the next higher dollar.

Automatic Extension of Time To File U.S.

Accounting Method

Return for a Partnership, REMIC, or for

Recordkeeping

A REMIC must compute its taxable

Certain Trusts, to request an automatic

The REMIC records must be kept as long

income (or net loss) using the accrual

3-month extension. You must file Form

as their contents may be material in the

method of accounting. See section

8736 by the regular due date of the

administration of any Internal Revenue

860C(b).

REMIC return.

law. Copies of the filed tax returns should

Under the accrual method, an amount

also be kept as part of the REMIC’s

If you have filed Form 8736 and you

is includible in income when:

records. See Pub. 583, Starting a

•

still need more time to file the REMIC

All the events have occurred that fix the

Business and Keeping Records, for more

return, get Form 8800, Application for

right to receive the income, which is the

information.

Additional Extension of Time To File U.S.

earliest of the date: (a) the required

Final Return

Return for a Partnership, REMIC, or for

performance takes place, (b) payment is

Certain Trusts, to request an additional

due, or (c) payment is received and

If the REMIC ceases to exist during the

•

extension of up to 3 months. The REMIC

The amount can be determined with

year, check the box at item D(1), page 1,

must provide a full explanation of the

reasonable accuracy.

Form 1066.

See Regulations section 1.451-1(a) for

reasons for requesting the extension in

The item E(1) box of Schedule Q

details.

order to get this additional extension. Ask

(Form 1066) should also be checked to

for the additional extension early so that if

Generally, an accrual basis taxpayer

indicate when the schedule is for the final

it is denied, the return can still be filed on

can deduct accrued expenses in the tax

quarter of the year.

time.

year when:

Amended Return

•

All events that determine the liability

Period Covered

If the REMIC files its return and later

have occurred,

•

becomes aware of changes it must make

The amount of the liability can be

File the 2001 return for:

to income, deductions, etc., the REMIC

figured with reasonable accuracy, and

1. Calendar year 2001,

•

should then file an amended:

Economic performance takes place

•

2. Short tax years beginning and

Form 1066 and check the box at item

with respect to the expense.

ending in 2001, or

D(4), page 1.

There are exceptions to the economic

•

3. Short tax years beginning and

Schedule Q (Form 1066), for each

performance rule for certain items,

ending in 2002, if the 2002 Form 1066 is

residual interest holder, and check the

including recurring expenses. See section

not available by the time the REMIC is

box at item E(2). Give corrected

461(h) and the related regulations for the

required to file its return. However, the

Schedules Q (Form 1066) to each

rules for determining when economic

residual interest holder.

REMIC must show its 2002 tax year on

performance takes place.

the 2001 Form 1066 and incorporate any

Note: If a REMIC does not meet the

Rounding Off to Whole Dollars

tax law changes that are effective for tax

small REMIC exception under sections

years beginning after December 31,

You may round off cents to whole dollars

860F(e) and 6231, and related

2001.

on the return and schedules. To do so,

regulations, or makes the election

described in section 6231(a)(1)(B)(ii) not

to be treated as a small REMIC, the

Where To File

amended return will be a request for

administrative adjustment, and Form

File Form 1066 at the applicable IRS address listed below.

8082, Notice of Inconsistent Treatment or

If the REMIC’s principal

And the total assets at the

Use the following Internal

Administrative Adjustment Request

business, office, or agency

end of the tax year (Form

Revenue Service Center

(AAR), must be filed by the Tax Matters

is located in:

1066, page 1, item C) are:

address:

Person. See sections 860F(e) and 6227

for more information.

Connecticut, Delaware, District

of Columbia, Illinois, Indiana,

If the REMIC’s Federal return is

Kentucky, Maine, Maryland,

changed for any reason, it may affect its

Massachusetts, Michigan,

Less than $10 million

Cincinnati, OH 45999

state return. This would include changes

New Hampshire, New Jersey,

made as a result of an examination of the

New York, North Carolina,

Ohio, Pennsylvania, Rhode

REMIC return by the IRS. Contact the

Island, South Carolina,

$10 million or more

Ogden, UT 84201

state tax agency where the state return is

Vermont, Virginia, West

filed for more information.

Virginia, Wisconsin

Assembling the Return

Alabama, Alaska, Arizona,

If you need more space on the forms or

Arkansas, California,

Colorado, Florida, Georgia,

schedules, attach separate sheets. Use

Hawaii, Idaho, Iowa, Kansas,

the same size and format as on the

Louisiana, Minnesota,

printed forms. But show the totals on

Mississippi, Missouri,

Any amount

Ogden, UT 84201

the printed forms. Be sure to put the

Montana, Nebraska, Nevada,

REMIC’s name and employer

New Mexico, North Dakota,

identification number on each sheet.

Oklahoma, Oregon, South

Dakota, Tennessee, Texas,

You must complete every applicable

Utah, Washington, Wyoming

entry space on Form 1066. If you attach

statements, do not write “See Attached”

A foreign country or U.S.

Any amount

Philadelphia, PA 19255

instead of completing the entry spaces on

possession

this form.

-2-

Form 1066 - Instructions For U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return Form Page 2

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