Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 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
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.).
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
7004 by the regular due date of Form
made available by the entity.
Internet. You can access the IRS website
The last item in the above list
24 hours a day, 7 days a week, at
Period Covered
doesn't apply to REMICs with a
startup day before April 1, 1988
File the 2017 return for:
Download forms, instructions, and
(or those formed under a binding contract
1. Calendar year 2017;
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
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
Sign up to receive local and national tax
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


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