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2017

Department of the Treasury

Internal Revenue Service

Instructions for Form 1066

U.S. Real Estate Mortgage Investment Conduit

(REMIC) Income Tax Return

made, it stays in effect for all years until it

Section references are to the Internal Revenue

General Instructions

Code unless otherwise noted.

is terminated.

First Tax Year

Future Developments

Purpose of Form

For the first tax year of a REMIC's

File Form 1066 to report the income,

For the latest information about

existence, the REMIC must furnish the

deductions, and gains and losses from the

developments related to Form 1066 and

following in a separate statement attached

operation of a REMIC. In addition, the

its separate instructions, such as

to the REMIC's initial return.

form is filed by the REMIC to report and

legislation enacted after they were

Information concerning the terms of the

pay the taxes on net income from

published, go to IRS.gov/Form1066.

regular interests and the designated

prohibited transactions, net income from

What’s New

residual interest of the REMIC, or a copy

foreclosure property, and contributions

of the offering circular or prospectus

after the startup day.

Increased failure-to-file penalty. For

containing such information.

Who Must File

tax years beginning in 2017, the minimum

A description of the prepayment and

penalty under section 6651(a) for failure to

An entity must file Form 1066 if it elected

reinvestment assumptions made in

file Form 1066 within 60 days of the due

to be treated as a REMIC for its first tax

accordance with section 1272(a)(6) and

date has increased to the smaller of the

year (and the election is still in effect) and

its regulations, including documentation

tax due or $210. The penalty under

it meets the section 860D(a) requirements

supporting the selection of the

section 6698 that the IRS may charge

listed below.

prepayment assumption.

when no tax is due has increased to $200

Termination of Election

A REMIC is any entity:

for each person who was a residual

That elects to be treated as a REMIC

interest holder in the REMIC at any time

If the entity ceased to qualify as a REMIC

for the tax year and all prior tax years;

during the year for each month or part of a

under the requirements of section 860D(a)

All of the interests in which are regular

month the return is late, for up to 12

in 2017, the election to be a REMIC is

interests or residual interests;

months. For more information, see Late

terminated for 2017 and all future years.

That has one (and only one) class of

filing penalty, later.

For 2017 and all future years you must file

residual interests and all distributions, if

the tax form for similarly organized entities

Photographs of Missing

any, with respect to such interests are pro

(corporations, partnerships, trusts, etc.).

rata;

Children

When To File

Substantially all of the assets consist of

The IRS is a proud partner with the

qualified mortgages and permitted

Generally, REMICs must file the 2017

investments as of the close of the third

National Center for Missing & Exploited

Form 1066 by March 15, 2018. However,

month beginning after the startup day

Children® (NCMEC).

Photographs of

if the entity will file its final return in 2017,

(defined in the instructions for Item

missing children selected by the Center

Form 1066 is due by the 15th day of the

B—Date REMIC started, later) and at all

may appear in instructions on pages that

3rd month following the date the REMIC

times thereafter;

would otherwise be blank. You can help

ceased to exist.

bring these children home by looking at

That has a calendar tax year; and

If you need more time to file Form

the photographs and calling

For which reasonable arrangements

1066, file Form 7004, Application for

have been designed to ensure that

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

Automatic Extension of Time To File

residual interests aren't held by

recognize a child.

Certain Business Income Tax, Information,

disqualified organizations (as defined in

How To Get Forms and

and Other Returns, to request an

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

automatic extension. You must file Form

needed to apply section 860E(e) will be

Publications

7004 by the regular due date of Form

made available by the entity.

1066.

Internet. You can access the IRS website

The last item in the above list

24 hours a day, 7 days a week, at

IRS.gov

Period Covered

doesn't apply to REMICs with a

to:

startup day before April 1, 1988

File the 2017 return for:

CAUTION

Download forms, instructions, and

(or those formed under a binding contract

1. Calendar year 2017;

publications;

in effect on March 31, 1988).

Order IRS products online;

2. Short tax years beginning and

Research your tax questions online;

ending in 2017; or

See section 860G for definitions and

Search publications online by topic or

special rules. See section 860D(a)

3. Short tax years beginning and

keyword;

regarding qualification as a REMIC during

ending in 2018, if the 2018 Form 1066 isn't

View Internal Revenue Bulletins (IRBs)

a qualified liquidation.

available by the time the REMIC is

published in the last few years; and

required to file its 2018 return. Even

Making the Election

though the REMIC is filing the 2018 tax

news by email.

The election to be treated as a REMIC is

return on a 2017 Form 1066, any tax law

made by timely filing, for the first tax year

changes effective after December 31,

of its existence, a Form 1066 signed by an

2017, have to be applied on the tax return.

authorized person. Once the election is

Nov 01, 2017

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2017

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