Instructions For Form 1066 - 2016 printable pdf download

2016

Department of the Treasury

Internal Revenue Service

Instructions for Form 1066

U.S. Real Estate Mortgage Investment Conduit

(REMIC) Income Tax Return

year of its existence, a Form 1066

Section references are to the Internal Revenue

General Instructions

Code unless otherwise noted.

signed by an authorized person. Once

the election is made, it stays in effect for

Future Developments

Purpose of Form

all years until it is terminated.

File Form 1066 to report the income,

For the latest information about

First Tax Year

deductions, and gains and losses from

developments related to Form 1066 and

the operation of a REMIC. In addition,

For the first tax year of a REMIC's

its separate instructions, such as

the form is filed by the REMIC to report

existence, the REMIC must furnish the

legislation enacted after they were

and pay the taxes on net income from

following in a separate statement

published, go to

prohibited transactions, net income from

attached to the REMIC's initial return.

What's New

foreclosure property, and contributions

Information concerning the terms of

after the startup day.

the regular interests and the designated

Due date change. The due date to file

residual interest of the REMIC, or a

Who Must File

Form 1066 has changed to the 15th day

copy of the offering circular or

of the 3rd month following the end of the

An entity must file Form 1066 if it

prospectus containing such information.

tax year. Your 2016 Form 1066 must be

elected to be treated as a REMIC for its

A description of the prepayment and

filed by March 15, 2017.

first tax year (and the election is still in

reinvestment assumptions made in

effect) and it meets the section 860D(a)

accordance with section 1272(a)(6) and

Increased failure-to-file penalty. If

requirements listed below.

its regulations, including documentation

taxes are due, the minimum penalty

supporting the selection of the

under section 6651 for failure to file

A REMIC is any entity:

prepayment assumption.

Form 1066 within 60 days of the due

That elects to be treated as a REMIC

date has increased to $205.

for the tax year and all prior tax years;

Termination of Election

All of the interests in which are

If the entity ceased to qualify as a

Photographs of Missing

regular interests or residual interests;

REMIC under the requirements of

Children

That has one (and only one) class of

section 860D(a) in 2016, the election to

residual interests and all distributions, if

The IRS is a proud partner with the

be a REMIC is terminated for 2016 and

any, with respect to such interests are

National Center for Missing and

all future years. For 2016 and all future

pro rata;

Exploited Children. Photographs of

years you must file the tax form for

Substantially all of the assets consist

missing children selected by the Center

similarly organized entities

of qualified mortgages and permitted

may appear in instructions on pages

(corporations, partnerships, trusts, etc.).

investments as of the close of the third

that would otherwise be blank. You can

When To File

month beginning after the startup day

help bring these children home by

(defined in the instructions for Item

Generally, REMICs must file the 2016

looking at the photographs and calling

B—Date REMIC started, later) and at all

Form 1066 by March 15, 2017.

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

times thereafter;

you recognize a child.

However, if the entity will file its final

That has a calendar tax year; and

return in 2016, Form 1066 is due by the

How To Get Forms and

For which reasonable arrangements

15th day of the 3rd month following the

have been designed to ensure that

Publications

date the REMIC ceased to exist.

residual interests aren't held by

If you need more time to file Form

disqualified organizations (as defined in

Internet. You can access the IRS

1066, file Form 7004, Application for

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

website 24 hours a day, 7 days a week,

Automatic Extension of Time To File

needed to apply section 860E(e) will be

to:

Certain Business Income Tax,

made available by the entity.

Download forms, instructions, and

Information, and Other Returns, to

publications;

The last item in the above list

request an automatic extension. You

Order IRS products online;

doesn't apply to REMICs with a

must file Form 7004 by the regular due

Research your tax questions online;

startup day before April 1, 1988

date of Form 1066.

CAUTION

Search publications online by topic or

(or those formed under a binding

Period Covered

keyword;

contract in effect on March 31, 1988).

View Internal Revenue Bulletins

File the 2016 return for:

(IRBs) published in the last few years;

See section 860G for definitions and

1. Calendar year 2016;

and

special rules. See section 860D(a)

2. Short tax years beginning and

regarding qualification as a REMIC

ending in 2016; or

tax news by email.

during a qualified liquidation.

3. Short tax years beginning and

Making the Election

ending in 2017, if the 2017 Form 1066

The election to be treated as a REMIC

isn't available by the time the REMIC is

is made by timely filing, for the first tax

required to file its 2017 return. Even

Nov 30, 2016

Cat. No. 64231R

Instructions For Form 1066 - 2016

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