Federal U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return

U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return
2023 Form 1066
Form

1066

Department of the Treasury
Internal Revenue Service

Type or
Print

U.S. Real Estate Mortgage Investment Conduit
(REMIC) Income Tax Return

OMB No. 1545-0123

2023

Go to www.irs.gov/Form1066 for instructions and the latest information.

Name

For calendar year 2023 or short tax year beginning

, 20

, ending

, 20
A Employer identification number (EIN)

Number, street, and room or suite no. (If a P.O. box, see instructions.)

B Date REMIC started

City or town, state or province, country, ZIP or foreign postal code

C Enter total assets at end of tax year

$

D

Check applicable boxes:

(1)

Final return

(2)

Name change

(3)

Address change

Section I—Computation of Taxable Income or Net Loss
Income (excluding amounts from prohibited transactions)
1
2
3
4
5

Taxable interest . . . . . . . . . . . . .
Accrued market discount under section 860C(b)(1)(B)
Reserved for future use . . . . . . . . . .
Ordinary gain or (loss) (attach Form 4797) . . . .
Other income (attach statement—see instructions) .

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4
5

6

Total income (loss). Add lines 1 through 5 .

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6

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Deductions (excluding amounts allocable to prohibited transactions)
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12
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Salaries and wages . . . . . . . . . . . . . . . . . . . . . .
Rent . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amount accrued to regular interest holders in the REMIC that is deductible as interest
Other interest . . . . . . . . . . . . . . . . . . . . . . . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation (see instructions) . . . . . . . . . . . . . . . . . . .
Other deductions (attach statement) . . . . . . . . . . . . . . . . .

14
15

Total deductions. Add lines 7 through 13 . . . . . . . . . . . . . . . . .
Taxable income (or net loss). Subtract line 14 from line 6. Enter here and on page 3,
Schedule M, column (c) . . . . . . . . . . . . . . . . . . . . . . .

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Section II—Tax and Payments
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4

Total tax (Schedule J, line 12) . . . . . . . . . . . . . . . . . . .
Tax paid with Form 7004 . . . . . . . . . . . . . . . . . . . . .
Tax due. Enter excess of line 1 over line 2. See Payment of Tax Due in the instructions
Overpayment. Enter excess of line 2 over line 1 . . . . . . . . . . . . .

Sign
Here
Paid
Preparer
Use Only

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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has
any knowledge.

Print/Type preparer’s name

May the IRS discuss this return
with the preparer shown below?
See instructions.
Yes
No

Date

Signature
Preparer’s signature

Date

Firm’s name

PTIN

Firm’s EIN
Phone no.

Firm’s address

For Paperwork Reduction Act Notice, see separate instructions.

Check
if
self-employed

Cat. No. 64383U

Form 1066 (2023)

Form 1066 (2023)

Schedule J

Page

2

Tax Computation

Part I—Tax on Net Income From Prohibited Transactions
1

Income (see instructions)
a

Gain from certain dispositions of qualified mortgages

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1a

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1b

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1c

d Gain from the disposition of cash flow investments (except from a qualified liquidation) .

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1d

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b Income from nonpermitted assets .
Compensation for services .

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Total income. Add lines 1a through 1d . . . . . . . . . . . . . . . . . . . .
Deductions directly connected with the production of income shown on line 2 (excluding
deductions attributable to prohibited transactions resulting in a loss) . . . . . . . . . .

2

Tax on net income from prohibited transactions. Subtract line 3 from line 2 .

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4

Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(a)(1) (attach statement) . . . . . . . . . . . . . . . . . . . . . . .

5

6

Gross income from foreclosure property (attach statement)

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6

7

Total income from foreclosure property. Add lines 5 and 6 .

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7

8

Deductions directly connected with the production of income shown on line 7 (attach statement) .

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9

Net income from foreclosure property. Subtract line 8 from line 7

4

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Part II—Tax on Net Income From Foreclosure Property (as defined in section 860G(a)(8))
(Caution: See instructions before completing this part.)
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10

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9

Tax on net income from foreclosure property. Enter 21% (0.21) of line 9

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10

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Part III—Tax on Contributions After the Startup Day
(Don’t complete this part if the startup day was before July 1, 1987. See instructions.)
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Tax. Enter amount of taxable contributions received during the calendar year after the startup
day. See instructions. Attach statement . . . . . . . . . . . . . . . . . . . .

11

Part IV—Total Tax
12

Total tax. Add lines 4, 10, and 11. Enter here and on page 1, Section II, line 1 .

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Form 1066 (2023)

Form 1066 (2023)

Page

3

Additional Information (see instructions)
E

F
G

H

Yes No

What type of entity is this REMIC? Check box:

Corporation
Partnership
Trust
Segregated Pool of Assets
If you checked “Segregated Pool of Assets,” enter the name and type of entity that owns the assets:
Name:
Type:
Number of residual interest holders in this REMIC:
Check this box if this REMIC had more than one residual interest holder at any time during the tax year and it is
electing out of the centralized partnership audit regime under section 6221(b) . . . . . . . . . . .
If you check this box, you must attach Schedule B-2 (Form 1065).
If you had more than one residual interest holder at any time during the tax year and you didn’t check this box,
complete the Designation of Partnership Representative on page 4.
At any time during calendar year 2023, did the REMIC have a financial interest or signature authority or other
authority over any foreign financial account, including bank, securities, or other types of financial accounts in a
foreign country?
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” the REMIC may have to file FinCEN Form 114. See instructions.
If “Yes,” enter name of foreign country:

I
J
K
L

During the tax year, did the REMIC receive a distribution from, or was it the grantor of, or transferor to, a foreign
trust? If “Yes,” see instructions for other forms the REMIC may have to file . . . . . . . . . . . . .
Enter the amount of tax-exempt interest accrued during the year:
Check this box if the REMIC had more than one class of regular interests
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If so, attach a statement identifying the classes and principal amounts outstanding for each at the end of the year.
Enter the sum of the daily accruals determined under section 860E(c) for the calendar year:

Schedule L
1
a

Balance Sheets per Books

Assets
Permitted investments (see instructions):
Cash flow investments . . . . . .

(a) Beginning of year

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b Qualified reserve assets .

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c

Foreclosure property .

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2

Qualified mortgages

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3

Other assets (attach statement)

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4

Total assets .

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5

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Liabilities and Capital
Current liabilities (attach statement) . .

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6

Other liabilities (attach statement) .

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7

Regular interests in REMIC .

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8

Residual interest holders’ capital accounts .

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9

Total liabilities and capital

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Schedule M

(a) Residual interest
holders’ capital
accounts at
beginning of year

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(b) End of year

Reconciliation of Residual Interest Holders’ Capital Accounts (Show reconciliation of each
residual interest holder’s capital account quarterly on Schedule Q (Form 1066), item F.)
(b) Capital
contributed during
year

(c) Taxable income
(or net loss) from
Section I, line 15

(d) Nontaxable
income

(e) Unallowable
deductions

(

(g) Residual interest
holders’ capital accounts
at end of year (combine
cols. (a) through (f))

(f) Withdrawals and
distributions

)(

)
Form 1066 (2023)

Form 1066 (2023)

Page

4

Designation of Partnership Representative (see instructions)
Enter below the information for the partnership representative (PR) for the calendar year of this return.

Name of PR

U.S. address of PR

U.S. phone
number of PR

If the PR is an entity,
name of the
designated individual
for the PR

U.S. address of
designated individual

U.S. phone
number of
designated
individual
Form 1066 (2023)