N-66: Real Estate Investment Mortgage Conduit Income Tax Return (2025)
Hawaii · Hawaii DoTax · Used for tax years 2025
Hawaii Form N-66 is the Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return for 2025. It reports the REMIC’s income, deductions, taxable income or net loss, balance sheets, and reconciliation of 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 2025 form covers calendar year 2025 or a short tax year.
The form lists corporations, partnerships, trusts, and segregated pools of assets as entity types. It does not state detailed filing requirements.
What you'll need
Have the following information and applicable schedules ready:
- The REMIC’s name, mailing address, federal employer identification number, Hawaii tax identification number, start date, and year-end total assets.
- Income and deduction information for Section I, plus beginning- and end-of-year balance sheet amounts for Schedule L.
- Schedule D-1 for ordinary gain or loss, and attached schedules for other income and other deductions.
- Federal Form 4562 for the depreciation amount reported on line 12.
- Schedules for other assets, current liabilities, and other liabilities reported on Schedule L.
- The designated tax matters person’s name, identifying number, and address.
- Residual interest holders’ capital account information for Schedule M and the quarterly reconciliations on Schedule Q (Form N-66), Item E.
- If the REMIC has more than one class of regular interests, a schedule identifying the classes and each class’s principal amount outstanding at year-end.
Common mistakes
- Do not include amounts from prohibited transactions in Section I’s income or deductions. Both headings expressly exclude them.
- If the REMIC has more than one class of regular interests, check Item I and attach the required schedule of classes and year-end principal amounts outstanding.
- Do not treat permission for the Department of Taxation to discuss the return with the preparer as a power of attorney. The form says this designation does not replace the power of attorney form.
- Show each residual interest holder’s capital account reconciliation quarterly on Schedule Q (Form N-66), Item E, as Schedule M directs.
Questions people ask
How is taxable income or net loss calculated?
Add lines 1 through 5 to get total income or loss on line 6. Add lines 7 through 13 to get total deductions on line 14. 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?
Page 2 asks for the residual interest holder designated 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 that entity type in Item F, then enter the name and type of entity that owns the assets.
Can I identify this as an amended or final return?
Yes. The form has checkboxes for a final return, name change, amended return, and IRS adjustment.
Does the return need a signature?
Yes. The declaration includes spaces for a signature, date, printed name, and title. By signing, the signer declares that the return and accompanying schedules or statements have been examined and are true, correct, and complete to the best of the signer’s knowledge and belief.