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Form 1066: U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return
IRS Form 1066 is the U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, used to report income and deductions from a REMIC's operation. If filing for 2025, it is due by the 15th day of the 3rd month following the cessation date.
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IRS Form 1066 - U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return
IRS Form 1066 is the U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, used to report income and deductions from a REMIC's operation. If filing for 2025, it is due by the 15th day of the 3rd month following the cessation date.
Risk Radar
Scan points- 1Ensure the entity meets the specific criteria listed under section 860D(a) requirements for filing Form 1066.
- 2Failing to report payments totaling $600 or more on Form 1099-MISC for one person.
- 3Not including Item L—Sum of the daily accruals from all residual interests.
- 4Omitting required disclosure statements (Form 8275/8275-R) for specific tax positions taken.
- 5Failing to calculate and enter the Total Tax on Line 12, Part IV.
Plain English
This form allows a Real Estate Mortgage Investment Conduit (REMIC) to officially report all its income, expenses, gains, and losses for a tax year. It also reports taxes paid on specific types of earnings from prohibited transactions or foreclosure property. The REMIC files this return to account for its financial activity with the IRS.
Submission Date
- Filing date: 2025-12-12 11:10:45
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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Glossary Terms
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What this form is for
- Use this form when an entity elects to be treated as a REMIC for the tax year (and that election remains active) and meets all section 860D(a) requirements.
- Do not use it when the entity has ceased qualifying as a REMIC in 2025, as the election is terminated for 2025 and future years.
- Check Form 1042 instead when reporting gross income from U.S. sources to nonresident alien individuals, foreign partnerships, or foreign corporations.
Form selector
Use this form or another form?
Entity ceases REMIC qualification in 2025
The election is terminated for 2025 and all future years; the entity must file Form 1066 for similarly organized entities.
✓ Verify status change details on page 2.
Filing by a foreign entity (not U.S.-based)
File at the Department of the Treasury Internal Revenue Service, Ogden, UT 84201-0007 if located in the United States.
✓ Confirm location matches filing address requirement on page 2.
REMIC has a startup day after November 9, 1988
Any person who could sign the return of the entity without the REMIC election may sign Form 1066.
✓ Check signing authority requirements on page 5.
Deadline or filing window
The general deadline is 60 days from the due date, but if the REMIC is final in 2025, the return is due by the 15th day of the 3rd month following cessation. An automatic extension can be requested by filing Form 7004 by the regular due date.
Checklist
What you need before filling it out
Entity must meet section 860D(a) requirements
Entity elects REMIC status; all interests are regular or residual; one class of pro rata residual interest. · Instructions p.1
Due Date (General)
March 15, 2026 · Instructions p.2
Failure-to-File Penalty (Minimum)
Smaller of the tax due or $525 · Instructions p.1
PDS Mailing Address
IRS.gov/PDSstreetAddresses · Instructions p.2
Signing Authority (Post 11/9/88)
Any person who could sign the return of the entity in the absence of REMIC election. · Instructions p.5
EIN Requirement
The REMIC must have its own EIN, or apply for one via IRS.gov/EIN. · Instructions p.5
Before you submit
- 1Ensure the entity has elected to be treated as a REMIC and meets all section 860D(a) requirements.
- 2Confirm that if the startup day was after November 9, 1988, the signature is authorized by an appropriate person.
- 3Verify that the required information regarding interest terms or offering circular/prospectus is attached (or noted).
- 4Check that the filing date aligns with the due date of March 15, 2026 (for 2025 filings).
- 5If using a PDS, confirm the address listed on Form 1066 matches the current IRS list.
- 6Ensure the REMIC's EIN is entered correctly on page 1, item A.
- 7Verify that if mail delivery issues exist, the correct street address or C/O information is provided.
How to file this form
- 1Complete all income, deduction, and gain/loss reporting sections of Form 1066 based on REMIC operations.
- 2Enter the entity's EIN (or ensure it has applied for one) onto page 1, item A.
- 3Determine the correct filing address: Ogden, UT 84201-0007 if located in the U.S., or use a PDS/Foreign address otherwise.
- 4Sign the Form 1066 using an authorized individual and retain a copy for records.
- 5Mail the completed return to the appropriate IRS location, confirming it meets timely filing requirements.
Known limitations
- 1An entity does not need to file Form 1066 if it did not elect to be treated as a REMIC for its first tax year, or if that election is no longer in effect.
- 2A REMIC must have one (and only one) class of residual interests and all distributions related to those interests must be pro rata.
- 3The requirement that substantially all assets consist of qualified mortgages and permitted investments as of the close of the third month after the startup day does not apply to REMICs with a startup day before April 1, 1988 (or those formed under a binding contract in effect on March 31, 1988).
- 4The requirement that residual interests aren't held by disqualified organizations may not apply to REMICs with a startup day before April 1, 1988 (or those formed under a binding contract in effect on March 31, 1988).
Field map
Compact field-by-field guide
Entity Info
2 items
Full legal name of the corporation and its Employer Identification Number.
Current mailing address and date of incorporation.
Income
3 items
Total revenue from business operations before deducting costs.
Direct costs attributable to producing goods sold by the corporation.
Gross receipts minus cost of goods sold and returns/allowances.
Deductions
1 items
Sum of all business expenses including compensation, rent, interest, taxes, and depreciation.
Tax
2 items
Total income minus total deductions.
Tax calculated on taxable income using the applicable corporate tax rate, minus any credits.
Signatures
1 items
An authorized corporate officer must sign and date the return.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is 20/25. For the latest information regarding Form 1066 and its instructions, filers should consult IRS.gov/Form1066. The source notes an increase in failure-to-file penalties.
What changed or needs a fresh check
- Edition date — confirm revision reads 20/25.
- Mailing address — confirm Department of the Treasury IRS address is Ogden, UT 84201-0007 for U.S.-based REMICs.
- Signature — confirm signing authority aligns with whether the startup day was before or after November 9, 1988.
- Filing Deadline (General) — confirm the due date is March 15, 2026, for the 2025 Form 1066.
Quick Facts
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After you file
- 1The REMIC must keep its records as long as the contents may be material in the administration of any Internal Revenue law.
- 2Copies of the filed tax returns should be kept as part of the REMIC’s records.
- 3For the first tax year, the REMIC must furnish a separate statement attached to the initial return detailing specific information required for that first year.
- 4If the REMIC ceases to exist during the year, check the box on Form 1066, page 1, item D(1) when filing.
Sources
- SRCInstructions p.1 — Form 1066 reports income, deductions, gains, and losses from REMIC operation.
- SRCInstructions p.1 — The minimum failure-to-file penalty under section 6651(a) is the smaller of tax due or $525 if filed within 60 days of the due date.
- SRCInstructions p.1 — The late filing penalty under section 6698 for no tax due is $255 per residual interest holder, per month/part of a month (up to 12 months).
- SRCInstructions p.1 — A REMIC must elect to be treated as such for the current and all prior tax years.
- SRCInstructions p.2 — The election to be treated as a REMIC is made by timely filing Form 1066 and having it signed by an authorized person.
- SRCInstructions p.9 — Schedule Q shows residual interest holder shares of quarterly taxable income (or net loss), excess inclusion, and share of section 212 expenses.
Common confusion points
Who must file Form 1066?
An entity must file if it elected to be treated as a REMIC for its first tax year and the election is still in effect.
→ Check that all criteria (e.g., one class of residual interests, substantial assets) are met.
What does 'pro rata' mean regarding distributions?
It means all distributions with respect to the single class of residual interests must be distributed proportionally.
→ Verify this condition under the REMIC definition on Form 1066.
Does the REMIC always pay tax?
No, the REMIC is not subject to income tax except on net income from prohibited transactions, net income from foreclosure property, and contributions made after the startup day.
→ Check if these specific types of income exist before concluding no tax is due.
What is Schedule Q for?
Schedule Q shows each residual interest holder’s share of the REMIC’s quarterly taxable income (or net loss), the excess inclusion for that interest, and their share of section 212 expenses for the quarter.
→ Ensure this schedule is attached to Form 1066 when filing.
When must the election be made?
The election to be treated as a REMIC is made by timely filing Form 1066 for its first tax year and having it signed by an authorized person.
→ Confirm you are using the correct, current edition of Form 1066 (e.g., 20/25).
Can I use Schedule D?
Yes, the REMIC can use Schedule D (included in the 2011 Form 1066) or a statement showing the same information as it appears on that schedule to calculate capital gain (loss).
→ Ensure you attach the chosen schedule or statement to Form 1066.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- The penalty under section 6698 may be charged by the IRS if no tax is due and the return is late, for each residual interest holder per month or part of a month.
Questions about IRS Form 1066
What is IRS Form 1066 used for?
This form allows a Real Estate Mortgage Investment Conduit (REMIC) to officially report all its income, expenses, gains, and losses for a tax year. It also reports taxes paid on specific types of earnings from prohibited transactions or foreclosure property. The REMIC files this return to account for its financial activity with the IRS.
Who must file IRS Form 1066?
An entity must file Form 1066 if it elected to be treated as a REMIC and meets section 860D(a) requirements, such as having one class of residual interests.
What information does IRS Form 1066 require?
The form collects details on income and deductions from the operation of the REMIC. Specific sections include Part III for Tax on Contributions After the Startup Day and totals calculated in Part IV (Total Tax).
When is IRS Form 1066 due?
For a final return filing, Form 1066 is due by the 15th day of the 3rd month following the date the REMIC ceased to exist. For calendar year 2025, this applies.
Where do I file IRS Form 1066?
The form must be filed with the IRS; same-day wire payments require arrangements with a financial institution ahead of time.
How do I complete IRS Form 1066?
The REMIC must complete all relevant parts, including entering the total tax on Line 12 (Part IV). Owners of a foreign trust may also need to ensure associated forms are filed. The return requires signing before submission.
What happens if IRS Form 1066 is filed incorrectly?
Failure to file Form 1066 within 60 days of the due date results in a minimum penalty of the smaller amount between the tax due or $525.
Who must file Form 1066?
An entity must file if it elected to be treated as a REMIC for its first tax year and the election is still in effect. Check that all criteria (e.g., one class of residual interests, substantial assets) are met.
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