Income or Loss from REMICS
If you are the holder of a residual interest in a REMIC, report your total share of the REMIC's taxable income or loss for each quarter included in your tax year. You should receive Schedule Q (Form 1066) and instructions from the REMIC for each quarter. Enter the Schedule Q information here.
Do not attach Schedule Q to your return. Keep it for your records.
Publication 938, Real Estate Mortgage Investment conduits (REMICs) Reporting Information
Part V - Form 4835 - Net Farm/Rental Reconciliation
Income from farm rental property should be reported depending on whether the landowner was paid based on crops or livestock produced by the tenant, or based on a flat rate and paid with cash. If the landowner was paid based on production from the farm and did not materially participate in the operation or management of the farm, income received from the rental should be reported on Form 4835. If the landowner received payment based on a flat contracted rate, the income would be reported as ordinary rental income on Schedule E.
Do not use Form 4835 if you were a/an:
- Tenant - instead use Schedule F to report Farm Income and Expenses
- Landowner (or sub-lessor) and materially participated in the Operation or Management of the Farm - instead use Schedule F to report Farm Income and Expenses
- Landowner (or sub-lessor) and received Cash Rent for Pasture or Farmland based on a Flat Charge - instead report as Income on Schedule E, Part I
- Estate or Trust with Rental Income and Expenses from Crop and Livestock Shares - instead report on Schedule E, Part I
- Partnership or S Corporation with Rental Income and Expenses from Crop and Livestock Shares - instead report on Form 8825.
From the Main Menu of the Tax Return (Form 1040) select:
- Income Menu
- Rents, Royalties, Entities (Sch E,K-1,4835,8582)
- Part V (Including Form 4835)
- Net Farm Rental Income/Loss (Form 4835)
- Select New or double-click the entry you wish to Edit.
- Enter all information that applies.
Form 8582 (Passive Activity Loss Limitations)
Made Payments that would Require Filing Form(s) 1099? - Payments of rents, fees, and nonemployee compensation in the amount of $600 or more to a single payee are generally required reported on Form 1099-MISC. Answer YES to this question if the taxpayer is required to file 1099-MISC for any payees. (Generally, payees must receive their copy of the 1099-MISC by February 18, whereas the IRS copies must be sent by February 28.)
Did You or Will You File All Required Forms 1099? - If the previous question is answered YES, this question also needs to be answered.
IRC Section 469(c)(7)(A) Election - If the taxpayer is making an election to combine all rental real estate interests into one activity per Section 469(c)(7)(A), answer YES. A statement will be included with the return indicating this election. See Revenue Procedure 2011-34.
Attach PDF Document for Rental Safe Harbor Election - If a rental property qualifies for the Qualified Business Income Deduction, and the taxpayer is making the rental safe harbor election, a PDF copy of a statement to that effect must be attached to the return. The statement must include:
- the address and rental category of each rental real estate property included in each rental real estate enterprise;
- the address and rental category of each rental real estate property acquired or disposed of during the tax year; and
- representation that the requirements of Revenue Procedure 2019-38 have been met.
See Revenue Procedure 2019-38 for information about the requirements.
Additional Information:
Instructions for Form 8582, Passive Activity Loss Limitations
Instructions for Schedule E, Supplemental Income and Loss Instructions
Instructions for Schedule F, Profit or Loss From Farming
Instructions for Schedule J, Income Averaging for Farmers and Fishermen
