Schedule RNW: REIT Net Worth Calculation (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule RNW calculates net worth and taxable net worth for qualifying real estate investment corporations. It reports total assets and liabilities, taxable Massachusetts assets, and the REIT apportionment percentage used to calculate taxable net worth.
Who files this form
Complete Schedule RNW only if the taxpayer is a real estate investment corporation that meets the requirements in TIRs 06-6 and 14-11.
What you'll need
Have these schedules and details available to complete Schedule RNW:
- Corporation name and federal identification number.
- Schedule A, line 18, for total assets and line 26 for total liabilities.
- Schedule B, line 7, for Massachusetts tangible property not taxed locally.
- The total intangible assets allocated to Massachusetts.
- The Excise Calculation on page 2, where you will enter the result.
How to file
This return must be filed electronically. Paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the DOR electronic filing and payment requirements for more information. The form also refers to TIRs 16-9 and 21-9.
Common mistakes
- Do not submit a paper return. The form warns that electronic filing is required and paper returns will not be accepted.
- Do not complete Schedule RNW unless the taxpayer is a real estate investment corporation meeting the requirements in TIRs 06-6 and 14-11.
Questions people ask
How do I calculate net worth on line 3?
Subtract total liabilities on line 2 from total assets on line 1. These amounts come from Schedule A, lines 26 and 18, respectively.
What goes into taxable Massachusetts assets on line 6?
Add Massachusetts tangible property not taxed locally on line 4 to total intangible assets allocated to Massachusetts on line 5. Line 4 comes from Schedule B, line 7.
How do I calculate the REIT apportionment percentage?
Divide taxable Massachusetts assets on line 6 by total assets on line 1. Enter the result on line 7.
Where do I enter taxable net worth?
Multiply net worth on line 3 by the REIT apportionment percentage on line 7. Enter the result on Schedule RNW, line 8, and on line 2 of the Excise Calculation on page 2. Enter “0” on line 1 of the Excise Calculation.