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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

Purchase the DVD from the National

The last item in the above list

Technical Information Service (NTIS) at

does not apply to REMICs with

Revenue Code unless otherwise noted.

for $30 (no

a startup day before April 1,

CAUTION

Photographs of Missing

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

1988 (or those formed under a binding

free to purchase the DVD for $30 (plus

contract in effect on March 31, 1988).

Children

a $6 handling fee).

See section 860G for definitions and

The Internal Revenue Service is a

special rules. See section 860D(a)

By phone or in person. You can

proud partner with the National Center

regarding qualification as a REMIC

order forms and publications by calling

for Missing and Exploited Children.

during a qualified liquidation.

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

Photographs of missing children

You can also get most forms and

selected by the Center may appear in

Making the Election

publications at your local IRS office.

instructions on pages that would

The election to be treated as a REMIC

otherwise be blank. You can help bring

is made by timely filing, for the first tax

these children home by looking at the

year of its existence, a Form 1066

General Instructions

photographs and calling

signed by an authorized person. Once

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

the election is made, it stays in effect

you recognize a child.

Purpose of Form

for all years until it is terminated.

Form 1066 is used to report the

How To Get Forms and

First Tax Year

income, deductions, and gains and

losses from the operation of a REMIC.

For the first tax year of a REMIC’s

Publications

In addition, the form is used by the

existence, the REMIC must furnish the

REMIC to report and pay the taxes on

Internet. You can access the IRS

following in a separate statement

net income from prohibited

website 24 hours a day, 7 days a week,

attached to the REMIC’s initial return.

•

transactions, net income from

at to take the following

Information concerning the terms of

foreclosure property, and contributions

actions.

the regular interests and the designated

•

after the startup day.

Download forms, instructions, and

residual interest of the REMIC, or a

publications;

copy of the offering circular or

•

Who Must File

Order IRS products online;

prospectus containing such information.

•

Research your tax questions online;

An entity must file Form 1066 if it

A description of the prepayment and

•

elected to be treated as a REMIC for its

Search publications online by topic or

reinvestment assumptions made in

keyword; and

first tax year (and the election is still in

accordance with section 1272(a)(6) and

•

View Internal Revenue Bulletins

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

its regulations, including documentation

requirements listed below.

supporting the selection of the

(IRBs) published in the last few years.

•

prepayment assumption.

A REMIC is any entity:

tax news by email.

•

To which an election to be treated as

Termination of Election

a REMIC applies for the tax year and

DVD for tax products. You can order

If the entity ceased to qualify as a

all prior tax years;

Publication 1796, IRS Tax Products

•

REMIC under the requirements of

All of the interests in which are

DVD, and obtain:

section 860D(a) in 2008, the election to

•

regular interests or residual interests;

Current-year forms, instructions, and

•

be a REMIC is terminated for 2008 and

That has one (and only one) class of

publications.

all future years. For 2008 and all future

•

residual interests and all distributions, if

Prior-year forms, instructions, and

years you must file the tax form for

any, with respect to such interests are

publications.

similarly organized entities

•

pro rata;

Tax Map: an electronic research tool

(corporations, partnerships, trusts, etc.).

•

Substantially all of the assets of

and finding aid.

•

which consist of qualified mortgages

Tax law frequently asked questions.

When To File

•

and permitted investments (as of the

Tax Topics from the IRS telephone

Generally, REMICs must file the 2008

close of the third month beginning after

response system.

Form 1066 by April 15, 2009. However,

•

the startup day (defined in the

Internal Revenue Code — Title 26 of

if the entity will file its final return in

instructions for Item B — Date REMIC

the U.S. Code.

2008, Form 1066 is due by the 15th

•

started, on page 4) and at all times

Fill-in, print, and save features for

day of the 4th month following the date

thereafter);

most tax forms.

•

the REMIC ceased to exist.

•

That has a calendar tax year; and

Internal Revenue Bulletins.

•

For which reasonable arrangements

If you need more time to file a

Toll-free and email technical support.

have been designed to ensure that

REMIC return, get Form 7004,

The DVD is released twice during

residual interests are not held by

Application for Automatic Extension of

the year. The first release will ship the

disqualified organizations (as defined in

Time To File Certain Business Income

beginning of January 2009. The final

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

Tax, Information, and Other Returns, to

release will ship the beginning of March

needed to apply section 860E(e) will be

request an automatic 6-month

2009.

made available by the entity.

extension. You must file Form 7004 by

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2008

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