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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 from National

needed to apply section 860E(e) will be

What’s New

Technical Information Service (NTIS) at

made available by the entity.

Starting with the 2005 return, a REMIC

for $25 (no

The last item in the above list

that is requesting an extension of time to

handling fee) or call 1-877-CDFORMS

does not apply to REMICs with a

file will use Form 7004 to request the

(1-877-233-6767) toll free to buy the

startup day before April 1, 1988

extension and pay any required tax.

CAUTION

CD-ROM for $25 (plus a $5 handling fee).

(or those formed under a binding contract

Depending on the situation in previous

By phone or in person. You can order

in effect on March 31, 1988).

years, a REMIC used Form 8736 or Form

forms and publications by calling

8800 to request extensions and make

See section 860G for definitions and

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

related tax payments. See When To File

special rules. See section 860D(a)

can also get most forms and publications

on page 1.

regarding qualification as a REMIC during

at your local IRS office.

a qualified liquidation.

Photographs of Missing

Making the Election

Children

General Instructions

The election to be treated as a REMIC is

The Internal Revenue Service is a proud

made by timely filing, for the first tax year

Purpose of Form

partner with the National Center for

of its existence, a Form 1066 signed by

Missing and Exploited Children.

Form 1066 is used to report the income,

an authorized person. Once the election

Photographs of missing children selected

deductions, and gains and losses from

is made, it stays in effect for all years until

by the Center may appear in instructions

the operation of a REMIC. In addition, the

it is terminated.

on pages that would otherwise be blank.

form is used by the REMIC to report and

You can help bring these children home

First Tax Year

pay the taxes on net income from

by looking at the photographs and calling

prohibited transactions, net income from

For the first tax year of a REMIC’s

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

foreclosure property, and contributions

existence, the REMIC must furnish the

recognize a child.

after the startup day.

following in a separate statement

attached to the REMIC’s initial return.

How To Get Forms and

Who Must File

•

Information concerning the terms of the

An entity must file Form 1066 if it elected

Publications

regular interests and the designated

to be treated as a REMIC for its first tax

residual interest of the REMIC, or a copy

Personal computer. You can access the

year (and the election is still in effect) and

of the offering circular or prospectus

IRS website 24 hours a day, 7 days a

it meets the section 860D(a) requirements

containing such information.

week, at to take the following

•

listed below.

A description of the prepayment and

actions.

reinvestment assumptions made in

A REMIC is any entity:

•

Order IRS products online.

•

accordance with section 1272(a)(6) and

To which an election to be treated as a

•

Download forms, instructions, and

its regulations, including documentation

REMIC applies for the tax year and all

publications.

supporting the selection of the

prior tax years;

•

See answers to frequently asked tax

•

prepayment assumption.

All of the interests in which are regular

questions.

interests or residual interests;

•

Search publications online by topic or

•

Termination of Election

That has one (and only one) class of

keyword.

residual interests and all distributions, if

If the entity ceased to qualify as a REMIC

•

Send us comments or request help by

any, with respect to such interests are pro

under the requirements of section

email.

rata;

860D(a) in 2005, the election to be a

•

REMIC is terminated for 2005 and all

Substantially all of the assets of which

tax news by email.

future years. For 2005 and all future years

consist of qualified mortgages and

You can also reach us using file

you must file the tax form for similarly

permitted investments (as of the close of

transfer protocol at ftp.irs.gov.

the third month beginning after the startup

organized entities (corporations,

CD-ROM. Order Pub. 1796, IRS Tax

day (defined in the instructions for Item

partnerships, trusts, etc.).

Products CD-ROM, and get:

B — Date REMIC started, on page 4) and

•

When To File

Current year forms, instructions, and

at all times thereafter);

•

publications;

That has a calendar tax year; and

Generally, REMICs must file the 2005

•

Prior year forms, instructions, and

For which reasonable arrangements

Form 1066 by April 17, 2006. However, if

publications;

have been designed to ensure that

the entity will file its final return in 2005,

•

Fill-in, print, and save features for most

residual interests are not held by

Form 1066 is due by the 15th day of the

tax forms; and

disqualified organizations (as defined in

4th month following the date the REMIC

•

Internal Revenue Bulletins.

section 860E(e)(5)), and information

ceased to exist.

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2005

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