These are the instructions for 2005 1066 U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return. Form 2005 1066 is used to report the income, deductions, and gains and losses from the operation of a REMIC. In addition, the form is used by the REMIC to report and pay the taxes on net income from prohibited transactions, net income from foreclosure property, and contributions after the startup day. An entity must file Form 1066 if it elected to be treated as a REMIC for its first tax year (and the election is still in effect) and it meets the section 860D(a) requirements. |