N-66: Real Estate Investment Mortgage Conduit Income Tax Return (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Form N-66 is Hawaii’s Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return. It reports income, deductions, taxable income or net loss, balance sheet information, and changes in residual interest holders’ capital accounts.
Who files this form
Form N-66 is Hawaii’s income tax return for a real estate mortgage investment conduit (REMIC). The 2024 form covers calendar year 2024 or a short tax year.
The form lists these REMIC entity types: corporation, partnership, trust, and segregated pool of assets. It does not give detailed rules about who is required to file.
What you'll need
Have the REMIC’s federal employer identification number, Hawaii tax identification number, start date, and financial information ready.
The form calls for these supporting forms or schedules where applicable:
- Schedule D-1 for ordinary gain or loss.
- Schedules for other income and other deductions.
- Federal Form 4562 figures for depreciation.
- Schedules for other assets, current liabilities, and other liabilities reported on Schedule L.
- A schedule identifying each class of regular interests and its principal amount outstanding at year-end, if the REMIC has more than one class.
- Schedule Q (Form N-66), Item E, showing the quarterly reconciliation of each residual interest holder’s capital account.
You will also need the name, identifying number, and address of the residual interest holder designated as the tax matters person.
Common mistakes
- Do not include amounts from prohibited transactions in Section I income or deductions. Both headings say to exclude them.
- Do not omit the schedule of classes and year-end principal amounts if the REMIC has more than one class of regular interests.
- Do not treat permission for the Department of Taxation to discuss the return with the preparer as a power of attorney. The form specifically says this designation does not replace the power of attorney form.
Questions people ask
How is taxable income or net loss calculated?
Add lines 1 through 5 for total income or loss, and lines 7 through 13 for total deductions. Subtract line 14 from line 6 and enter the result on line 15 and in Schedule M, column (c).
Who is designated as the tax matters person?
The form asks you to designate a residual interest holder as the tax matters person for the calendar year of the return. Enter that person’s name, identifying number, and address.
What if the REMIC is a segregated pool of assets?
Check the “Segregated Pool of Assets” box in item F and provide the name and type of the entity that owns the assets.
Can the Department of Taxation discuss the return with the paid preparer?
The signature area has Yes and No boxes for that permission. The form notes that this designation does not replace the power of attorney form.