NY Form 1120-REIT 2024-2025

NY Form 1120-REIT: What You Should Know

To be a real estate investment trust for the purpose of Section 1221, the organization must have a “substantially integrated” (or “substantially similar”) structure and substantial assets, income and expenditures. A “substantially similar” structure can include a tax treaty which would be used to reduce or eliminate the organization's U.S. taxes. NEAREST commented that it expects most qualifying Rests to file Form 1120-REIT. NEAREST also commented that it expects the “unsubsidized” cost of all property and equipment, the excess of its net income over its expenses and net income before depreciation for tax purposes will be deducted to be a cost of qualified property. The organization will have to include its capital expenditures in net income for tax purposes. The NEAREST Comments to IRS on Form 8612 Form 8612 is an election to be treated as a real estate investment trust that is required by IRS regulations and also by U.S. tax law. The organization can elect by filing Form 8612, U.S. Income Tax Return for Real Estate, and then paying a fee for an election form. Organization Type and Amount to Make Election — Organizations may make a 1-year certification against Form 8612 and pay a fee. Taxpayers are not required to file Form 8612 if they qualify as a REIT. Under IRS regulations, a qualified REIT has substantially similar structures and property interests as a real estate investment trust and a substantial amount of income can be excluded from the taxable income. NEAREST commented that, among other reasons, the qualified REIT should be at least three-quarters of an acre, in a nonconforming tax jurisdiction, and have a physical location within the United States. The organization should also be affiliated with a large business, government or nonprofit organization which is responsible for the organization's activities in this country. An organization that is not a qualified REIT can report its income on the individual form. NEAREST has a similar rule for qualified Rests, but it has been reported (by SET) as a Form 1040, Employer's Tax Return. Categories of Qualified Rests An organization is a qualified REIT if it meets the following criteria: An organization that qualifies as a qualified REIT may use any name it chooses for its corporation, business entity, partnership, limited liability company, trust, estate, or other entity, including any combination of such names.

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