Income or Loss from REMICS
Desktop · Written guide Content date 1 min read
If the taxpayer holds a residual interest in a REMIC, they need to report their total share of the REMIC's taxable income or loss. They should receive Schedule Q and instructions from the REMIC for each quarter.
To report the REMIC information in the individual tax return in Tax Processors Plus Desktop, from the Main Menu of the return select:
- Income
- Rents, Royalties, Entities
- Income or Loss from REMICS
Schedule Q does not need to be attached the return.
Additional Information:
IRS: Publication 938, Real Estate Mortgage Investment conduits (REMICs) Reporting Information