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2010, Form 1066 is due by the 15th

Center, P.O. box 409101, Ogden, UT

checked to indicate when the schedule

day of the 4th month following the date

84409.

is for the final quarter of the year.

the REMIC ceased to exist.

Accounting Method

Amended Return

If you need more time to file a

A REMIC must compute its taxable

If the REMIC files its return and later

REMIC return, get Form 7004,

income (or net loss) using the accrual

becomes aware of changes it must

Application for Automatic Extension of

method of accounting. See section

make to income, deductions, etc., the

Time To File Certain Business Income

REMIC should then file an amended:

860C(b).

Tax, Information, and Other Returns, to

•

Form 1066 and check the box on

request an automatic 6-month

Under the accrual method, an

page 1, item D(4); and

extension. You must file Form 7004 by

amount is includible in income when:

•

Schedule Q (Form 1066), for each

the regular due date of the REMIC

1. All the events have occurred that

residual interest holder, and check the

return.

fix the right to receive the income,

box at item E(2). Give corrected

which is the earliest of the date:

Period Covered

Schedules Q (Form 1066) to each

a. The required performance takes

residual interest holder.

File the 2010 return for:

place,

1. Calendar year 2010;

If a REMIC does not meet the

b. Payment is due, or

2. Short tax years beginning and

small REMIC exception under

c. Payment is received and

ending in 2010; or

sections 860F(e) and 6231, and

2. The amount can be determined

CAUTION

3. Short tax years beginning and

related regulations, or makes the

with reasonable accuracy.

ending in 2011, if the 2011 Form 1066

election described in section

is not available by the time the REMIC

See Regulations section 1.451-1(a)

6231(a)(1)(B)(ii) not to be treated as a

is required to file its return. However,

for details.

small REMIC, the amended return will

the REMIC must show its 2011 tax year

be a request for administrative

Generally, an accrual basis taxpayer

adjustment, and Form 8082, Notice of

on the 2010 Form 1066 and incorporate

can deduct accrued expenses in the tax

Inconsistent Treatment or

any tax law changes that are effective

year when:

for tax years beginning after December

Administrative Adjustment Request

•

All events that determine the liability

31, 2010.

(AAR), must be filed by the Tax Matters

have occurred,

Person. See sections 860F(e) and 6227

•

The amount of the liability can be

In the case of 2 or 3 above, fill

for more information.

figured with reasonable accuracy, and

in the tax year space at the top

•

If the REMIC’s federal return is

Economic performance takes place

of the form.

changed for any reason, it may affect

CAUTION

with respect to the expense.

its state return. This would include

Private Delivery Services

There are exceptions to the

changes made as a result of an

economic performance rule for certain

REMICs can use certain private

examination of the REMIC return by the

items, including recurring expenses.

delivery services designated by the IRS

IRS. Contact the state tax agency

See section 461(h) and the related

to meet the “timely mailing as timely

where the state return is filed for more

regulations for the rules for determining

filing/paying” rule for tax returns and

information.

when economic performance takes

payments. These private delivery

place.

Assembling the Return

services include only the following.

•

Rounding Off to Whole

If you need more space to report items

DHL Express (DHL): DHL Same Day

shown on the forms or schedules,

Service.

Dollars

•

attach separate sheets reporting the

Federal Express (FedEx): FedEx

The REMIC may round off cents to

items. Use the same size and format as

Priority Overnight, FedEx Standard

whole dollars on its returns and

on the printed forms. But show the

Overnight, FedEx 2Day, FedEx

schedules. If the REMIC does round to

totals on the printed forms. Be sure to

International Priority, and FedEx

whole dollars, it must round all

put the REMIC’s name and employer

International First.

amounts. To round, drop amounts

•

identification number (EIN) on each

United Parcel Service (UPS): UPS

under 50 cents and increase amounts

sheet.

Next Day Air, UPS Next Day Air Saver,

from 50 to 99 cents to the next dollar

UPS 2nd Day Air, UPS 2nd Day Air

You must complete every applicable

(for example, $1.39 becomes $1 and

A.M., UPS Worldwide Express Plus,

entry space on Form 1066. If you

$2.50 becomes $3).

and UPS Worldwide Express.

attach statements, do not write “See

If two or more amounts must be

Attached” instead of completing the

The private delivery service can tell

added to figure the amount on a line,

entry spaces on this form.

you how to get written proof of the

include cents when adding the amounts

mailing date.

Other Forms and Returns

and round off only the total.

Private delivery services cannot

That May Be Required

Recordkeeping

deliver items to P.O. boxes. You

Form 1096, Annual Summary and

must use the U.S. Postal

The REMIC records must be kept as

CAUTION

Transmittal of U.S. Information

Service to mail any item to an IRS P.O.

long as their contents may be material

Returns. Use this form to summarize

box address.

in the administration of any Internal

and send information returns to the

Revenue law. Copies of the filed tax

Where To File

Internal Revenue Service Center.

returns should also be kept as part of

If the REMIC’s principal business,

the REMIC’s records. See Pub. 583,

Form 1098, Mortgage Interest

office, or agency is located in the

Starting a Business and Keeping

Statement. This form is used to report

United States, then file the return at:

Records, for more information.

the receipt from any individual of $600

Department of the Treasury, Internal

or more of mortgage interest and points

Final Return

Revenue Service Center, Ogden, UT

in the course of the REMIC’s trade or

84201-0007.

If the REMIC ceases to exist during the

business.

year, check the box on Form 1066,

If the REMIC’s principal business,

Forms 1099-A, B, C, INT, LTC, MISC,

page 1, item D(1).

office, or agency is located in a foreign

OID, R, S, and SA. Use these

country or U.S. possession, then file

The box on Schedule Q (Form

information returns to report

the return at: Internal Revenue Service

1066), item E(1) should also be

acquisitions or abandonments of

-2-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2010 Page 2

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