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In the case of 2 or 3, fill in the

Economic performance takes place

state return. This would include changes

dates for the short tax year at the

with respect to the expense.

made as a result of an examination of the

top of the form.

REMIC return by the IRS. Contact the

There are exceptions to the economic

CAUTION

state tax agency where the state return is

performance rule for certain items,

Private Delivery Services

filed for more information.

including recurring expenses. See section

REMICs can use certain private delivery

461(h) and the related regulations for the

Assembling the Return

services (PDSs) designated by the IRS to

rules for determining when economic

If you need more space to report items

meet the “timely mailing as timely filing”

performance takes place.

shown on the forms or schedules, attach

rule for tax returns. Go to

IRS.gov/PDS

for

Rounding Off to Whole Dollars

separate sheets reporting the items. Use

the current list of PDSs.

the same size and format as on the printed

The REMIC may round off cents to whole

forms. But show the totals on the printed

The PDS can tell you how to get written

dollars on its returns and schedules. If the

forms. Be sure to put the REMIC's name

proof of the mailing date.

REMIC does round to whole dollars, it

and employer identification number (EIN)

must round all amounts. To round, drop

on each sheet.

For the IRS mailing address to use if

amounts under 50 cents and increase

you’re using a PDS, go to

IRS.gov/

amounts from 50 to 99 cents to the next

You must complete every applicable

PDSstreetAddresses.

dollar (for example, $1.39 becomes $1

entry space on Form 1066. If you attach

and $2.50 becomes $3).

PDSs can't deliver items to P.O.

statements, don’t write “See Attached”

boxes. You must use the U.S.

If two or more amounts must be added

instead of completing the entry spaces on

Postal Service to mail any item to

to figure the amount on a line, include

this form.

CAUTION

an IRS P.O. box address.

cents when adding the amounts and

Other Forms and Returns That

round off only the total.

Where To File

May Be Required

Recordkeeping

If the REMIC's principal business, office,

Form 1096, Annual Summary and

The REMIC records must be kept as long

or agency is located in the United States,

Transmittal of U.S. Information Re-

as their contents may be material in the

then file the return at:

turns. Use this form to summarize and

administration of any Internal Revenue

send information returns to the IRS.

law. Copies of the filed tax returns should

Department of the Treasury

also be kept as part of the REMIC's

Internal Revenue Service

Form 1098, Mortgage Interest State-

records. See Pub. 583, Starting a

Ogden, UT 84201-0007

ment. This form is used to report the

Business and Keeping Records, for more

receipt from any individual of $600 or

information.

more of mortgage interest and points in

If the REMIC's principal business,

the course of the REMIC's trade or

office, or agency is located in a foreign

Final Return

business.

country or U.S. possession, then file the

If the REMIC ceases to exist during the

return at:

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

year, check the box on Form 1066,

OID, R, S, and SA. Use these information

page 1, item D(1).

Internal Revenue Service

returns to report acquisitions or

P.O. Box 409101

The box on Schedule Q (Form 1066),

abandonments of secured property;

Ogden, UT 84409

item E(1) should also be checked to

proceeds from broker and barter

indicate when the schedule is for the final

exchange transactions; cancellation of

quarter of the year.

Accounting Method

debt; interest income; certain payments

Amended Return

made under a long-term care insurance

A REMIC must compute its taxable

contract and certain accelerated death

income (or net loss) using the accrual

If the REMIC files its return and later

benefits; miscellaneous income payments;

method of accounting. See section

becomes aware of changes it must make

original issue discount; distributions from

860C(b).

to income, deductions, or other items, the

pensions, annuities, retirement or

REMIC should then file:

Under the accrual method, an amount

profit-sharing plans, individual retirement

Form 1065X, Amended Return or

is includible in income when:

arrangements (IRAs), insurance contracts,

Administrative Adjustment Request

etc.; proceeds from real estate

1. All the events have occurred that fix

(AAR); and

transactions; and distributions from an

the right to receive the income, which is

An amended Schedule Q (Form 1066),

HSA, Archer MSA, or Medicare

the earliest of the date:

for each residual interest holder, and

Advantage MSA. Also, use these returns

check the box at item E(2). Give corrected

a. The required performance takes

to report amounts that were received as a

place,

Schedules Q (Form 1066) to each residual

nominee on behalf of another person.

interest holder.

b. Payment is due, or

Generally, a REMIC must file Forms

If a REMIC doesn’t meet the small

c. Payment is received and

1099-INT and 1099-OID, as appropriate,

REMIC exception under sections

to report accrued income of $10 or more

2. The amount can be determined

860F(e) and 6231, and related

of regular interest holders. See

with reasonable accuracy.

CAUTION

regulations, or makes the election

Regulations section 1.6049-7. Also, every

See Regulations section 1.451-1(a) for

described in section 6231(a)(1)(B)(ii) not

REMIC must file Forms 1099-MISC if it

details.

to be treated as a small REMIC, the

makes payments of rents, commissions,

amended return will be a request for

or other fixed or determinable income (see

Generally, an accrual basis taxpayer

administrative adjustment, and Form

section 6041) totaling $600 or more to any

can deduct accrued expenses in the tax

1065X must be filed by the Tax Matters

one person in the course of its trade or

year when:

Person. See sections 860F(e) and 6227

business during the calendar year.

All events that determine the liability

for more information.

For more details, see the General

have occurred,

Instructions for Certain Information

The amount of the liability can be

If the REMIC's federal return is

Returns.

figured with reasonable accuracy, and

changed for any reason, it may affect its

-2-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2017 Page 2

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