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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

Prior-year forms, instructions, and

any, with respect to such interests are

publications.

pro rata;

Revenue Code unless otherwise noted.

•

Tax Map: an electronic research tool

Substantially all of the assets of

What’s New

and finding aid.

which consist of qualified mortgages

•

Tax law frequently asked questions.

and permitted investments (as of the

Certain mortgage loan modifications

•

Tax Topics from the IRS telephone

close of the third month beginning after

made by a REMIC under the Home

response system.

the startup day (defined in the

Affordable Modification Program

•

Internal Revenue Code — Title 26 of

instructions for Item B — Date REMIC

(HAMP) will not disqualify the entity’s

the U.S. Code.

started, on page 4) and at all times

status as a REMIC and will not be

•

Fill-in, print, and save features for

thereafter);

treated as prohibited transactions under

•

most tax forms.

That has a calendar tax year; and

section 860F(a)(2). See Rev. Proc.

•

Internal Revenue Bulletins.

For which reasonable arrangements

2009-23, 2009-17 I.R.B. 884, available

•

Toll-free and email technical support.

have been designed to ensure that

residual interests are not held by

html, for more details.

The DVD is released twice during

•

disqualified organizations (as defined in

Certain payments made after March

the year. The first release will ship the

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

3, 2009, to a REMIC as part of the

beginning of January 2010. The final

needed to apply section 860E(e) will be

HAMP will not be subject to the 100%

release will ship the beginning of March

made available by the entity.

tax under section 860G(d)(1). For more

2010.

information see Notice 2009-36,

The last item in the above list

Purchase the DVD from the National

2009-17 I.R.B. 883, available at www.

does not apply to REMICs with

Technical Information Service (NTIS) at

irs.gov/irb/2009-17_IRB/ar09.html.

a startup day before April 1,

for $30 (no

CAUTION

1988 (or those formed under a binding

handling fee) or call 1-877-233-6767 toll

Photographs of Missing

contract in effect on March 31, 1988).

free to purchase the DVD for $30 (plus

Children

a $6 handling fee).

See section 860G for definitions and

special rules. See section 860D(a)

By phone or in person. You can

The Internal Revenue Service is a

regarding qualification as a REMIC

order forms and publications by calling

proud partner with the National Center

during a qualified liquidation.

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

for Missing and Exploited Children.

You can also get most forms and

Photographs of missing children

Making the Election

publications at your local IRS office.

selected by the Center may appear in

The election to be treated as a REMIC

instructions on pages that would

is made by timely filing, for the first tax

otherwise be blank. You can help bring

General Instructions

year of its existence, a Form 1066

these children home by looking at the

signed by an authorized person. Once

photographs and calling

the election is made, it stays in effect

Purpose of Form

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

for all years until it is terminated.

you recognize a child.

Form 1066 is used to report the

First Tax Year

income, deductions, and gains and

How To Get Forms and

losses from the operation of a REMIC.

For the first tax year of a REMIC’s

In addition, the form is used by the

Publications

existence, the REMIC must furnish the

REMIC to report and pay the taxes on

following in a separate statement

net income from prohibited

Internet. You can access the IRS

attached to the REMIC’s initial return.

•

website 24 hours a day, 7 days a week,

transactions, net income from

Information concerning the terms of

foreclosure property, and contributions

at to take the following

the regular interests and the designated

actions.

after the startup day.

residual interest of the REMIC, or a

•

Download forms, instructions, and

copy of the offering circular or

Who Must File

publications;

prospectus containing such information.

•

Order IRS products online;

An entity must file Form 1066 if it

A description of the prepayment and

•

Research your tax questions online;

elected to be treated as a REMIC for its

reinvestment assumptions made in

•

Search publications online by topic or

first tax year (and the election is still in

accordance with section 1272(a)(6) and

keyword; and

effect) and it meets the section 860D(a)

its regulations, including documentation

•

View Internal Revenue Bulletins

requirements listed below.

supporting the selection of the

(IRBs) published in the last few years.

prepayment assumption.

A REMIC is any entity:

•

To which an election to be treated as

Termination of Election

tax news by email.

a REMIC applies for the tax year and

DVD for tax products. You can order

all prior tax years;

If the entity ceased to qualify as a

•

Publication 1796, IRS Tax Products

All of the interests in which are

REMIC under the requirements of

DVD, and obtain:

regular interests or residual interests;

section 860D(a) in 2009, the election to

•

Current-year forms, instructions, and

That has one (and only one) class of

be a REMIC is terminated for 2009 and

publications.

residual interests and all distributions, if

all future years. For 2009 and all future

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2009

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