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

2 0

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.

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

See section 860G for definitions and

Photographs of Missing

can also get most forms and publications

special rules. See section 860D(a)

Children

at your local IRS office.

regarding qualification as a REMIC during

a qualified liquidation.

The Internal Revenue Service is a proud

partner with the National Center for

Making the Election

Missing and Exploited Children.

General Instructions

The election to be treated as a REMIC is

Photographs of missing children selected

made by timely filing, for the first tax year

by the Center may appear in instructions

Purpose of Form

of its existence, a Form 1066 signed by

on pages that would otherwise be blank.

Form 1066 is used to report the income,

an authorized person. Once the election

You can help bring these children home

deductions, and gains and losses from

is made, it stays in effect for all years until

by looking at the photographs and calling

the operation of a REMIC. In addition, the

it is terminated.

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

form is used by the REMIC to report and

recognize a child.

First Tax Year

pay the taxes on net income from

prohibited transactions, net income from

For the first tax year of a REMIC’s

How To Get Forms and

foreclosure property, and contributions

existence, the REMIC must furnish the

after the startup day.

Publications

following in a separate statement

attached to the REMIC’s initial return.

•

Who Must File

Personal computer. You can access the

Information concerning the terms of the

IRS website 24 hours a day, 7 days a

An entity must file Form 1066 if it elected

regular interests and the designated

week, at to take the following

to be treated as a REMIC for its first tax

residual interest of the REMIC, or a copy

actions.

year (and the election is still in effect) and

of the offering circular or prospectus

•

Order IRS products online.

it meets the section 860D(a) requirements

containing such information.

•

Download forms, instructions, and

A description of the prepayment and

listed below.

publications.

reinvestment assumptions made in

•

A REMIC is any entity:

See answers to frequently asked tax

accordance with section 1272(a)(6) and

•

To which an election to be treated as a

questions.

its regulations, including documentation

•

REMIC applies for the tax year and all

Search publications online by topic or

supporting the selection of the

prior tax years;

keyword.

prepayment assumption.

•

All of the interests in which are regular

Send us comments or request help by

interests or residual interests;

Termination of Election

email.

•

That has one (and only one) class of

If the entity ceased to qualify as a REMIC

residual interests and all distributions, if

tax news by email.

under the requirements of section

any, with respect to such interests are pro

860D(a) in 2004, the election to be a

You can also reach us using file

rata;

REMIC is terminated for 2004 and all

•

transfer protocol at ftp.irs.gov.

Substantially all of the assets of which

future years. For 2004 and all future years

CD-ROM. Order Pub. 1796, Federal Tax

consist of qualified mortgages and

you must file the tax form for similarly

Products on CD-ROM, and get:

permitted investments (as of the close of

organized entities (corporations,

•

Current year forms, instructions, and

the third month beginning after the startup

partnerships, trusts, etc.).

publications;

day (defined in the instructions for Item

•

Prior year forms, instructions, and

B — Date REMIC started, on page 4) and

When To File

publications;

at all times thereafter);

Generally, REMICs must file the 2004

•

Frequently requested tax forms that

That has a calendar tax year; and

Form 1066 by April 15, 2005. However, if

•

may be filled in electronically, printed out

For which reasonable arrangements

the entity will file its final return in 2004,

for submission, and saved for

have been designed to ensure that

Form 1066 is due by the 15th day of the

recordkeeping; and

residual interests are not held by

4th month following the date the REMIC

•

The Internal Revenue Bulletin.

disqualified organizations (as defined in

ceased to exist.

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

Buy the CD-ROM from National

If you need more time to file a REMIC

needed to apply section 860E(e) will be

Technical Information Service (NTIS) at

return, get Form 8736, Application for

made available by the entity.

/cdorders for $22 (no

Automatic Extension of Time To File U.S.

handling fee) or call 1-877-CDFORMS

The last item in the above list

Return for a Partnership, REMIC, or for

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

does not apply to REMICs with a

Certain Trusts, to request an automatic

CD-ROM for $22 (plus a $5 handling fee).

startup day before April 1, 1988

3-month extension. You must file Form

CAUTION

By phone and in person. You can order

(or those formed under a binding contract

8736 by the regular due date of the

forms and publications by calling

in effect on March 31, 1988).

REMIC return.

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2004

Related Articles

Related forms

Related Categories