Looking for a Form 1066 Templates? Download it for free!

2010

Department of the Treasury

Internal Revenue Service

Instructions for Form 1066

U.S. Real Estate Mortgage Investment Conduit

(REMIC) Income Tax Return

•

Tax Topics from the IRS telephone

instructions for Item B — Date REMIC

Section references are to the Internal

response system.

started, on page 4) and at all times

Revenue Code unless otherwise noted.

•

Internal Revenue Code — Title 26 of

thereafter);

What’s New

•

the U.S. Code.

That has a calendar tax year; and

•

Fill-in, print, and save features for

For which reasonable arrangements

Under certain conditions the Internal

most tax forms.

have been designed to ensure that

Revenue Service will not challenge a

•

Internal Revenue Bulletins.

residual interests are not held by

mortgage loan held by a REMIC as

•

Toll-free and email technical support.

disqualified organizations (as defined in

other than a ‘‘qualified mortgage’’ on

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

the grounds that the mortgage loan fails

The DVD is released twice during

needed to apply section 860E(e) will be

to be principally secured by an interest

the year. The first release will ship the

made available by the entity.

in real property following the release of

beginning of January 2011. The final

a lien on an interest in real property that

release will ship the beginning of March

The last item in the above list

secures the mortgage loan. See Rev.

2011.

does not apply to REMICs with

Proc. 2010-30, 2010-36 I.R.B. 316,

Purchase the DVD from the National

a startup day before April 1,

CAUTION

available at

Technical Information Service (NTIS) at

1988 (or those formed under a binding

2010-36_IRB/ar08.html

for more

for $30 (no

contract in effect on March 31, 1988).

information.

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

See section 860G for definitions and

free to purchase the DVD for $30 (plus

Photographs of Missing

special rules. See section 860D(a)

a $6 handling fee).

regarding qualification as a REMIC

Children

By phone or in person. You can

during a qualified liquidation.

order forms and publications by calling

The Internal Revenue Service is a

Making the Election

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

proud partner with the National Center

You can also get most forms and

The election to be treated as a REMIC

for Missing and Exploited Children.

publications at your local IRS office.

is made by timely filing, for the first tax

Photographs of missing children

year of its existence, a Form 1066

selected by the Center may appear in

signed by an authorized person. Once

instructions on pages that would

General Instructions

the election is made, it stays in effect

otherwise be blank. You can help bring

for all years until it is terminated.

these children home by looking at the

Purpose of Form

photographs and calling

First Tax Year

Form 1066 is used to report the

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

income, deductions, and gains and

For the first tax year of a REMIC’s

you recognize a child.

losses from the operation of a REMIC.

existence, the REMIC must furnish the

In addition, the form is used by the

following in a separate statement

How To Get Forms and

REMIC to report and pay the taxes on

attached to the REMIC’s initial return.

Publications

•

net income from prohibited

Information concerning the terms of

transactions, net income from

the regular interests and the designated

Internet. You can access the IRS

foreclosure property, and contributions

residual interest of the REMIC, or a

website 24 hours a day, 7 days a week,

after the startup day.

copy of the offering circular or

to take the following

prospectus containing such information.

Who Must File

actions.

•

A description of the prepayment and

•

Download forms, instructions, and

An entity must file Form 1066 if it

reinvestment assumptions made in

publications;

elected to be treated as a REMIC for its

accordance with section 1272(a)(6) and

•

Order IRS products online;

first tax year (and the election is still in

its regulations, including documentation

•

Research your tax questions online;

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

supporting the selection of the

•

Search publications online by topic or

requirements listed below.

prepayment assumption.

keyword; and

A REMIC is any entity:

•

Termination of Election

View Internal Revenue Bulletins

•

To which an election to be treated as

(IRBs) published in the last few years.

If the entity ceased to qualify as a

a REMIC applies for the tax year and

•

REMIC under the requirements of

all prior tax years;

tax news by email.

•

section 860D(a) in 2010, the election to

All of the interests in which are

be a REMIC is terminated for 2010 and

DVD for tax products. You can order

regular interests or residual interests;

•

all future years. For 2010 and all future

Publication 1796, IRS Tax Products

That has one (and only one) class of

years you must file the tax form for

DVD, and obtain:

residual interests and all distributions, if

•

similarly organized entities

Current-year forms, instructions, and

any, with respect to such interests are

(corporations, partnerships, trusts, etc.).

publications.

pro rata;

•

Prior-year forms, instructions, and

Substantially all of the assets of

When To File

publications.

which consist of qualified mortgages

•

Tax Map: an electronic research tool

and permitted investments (as of the

Generally, REMICs must file the 2010

and finding aid.

close of the third month beginning after

Form 1066 by April 18, 2011. However,

•

Tax law frequently asked questions.

the startup day (defined in the

if the entity will file its final return in

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2010

Related Articles

Related forms

Related Categories