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Claim rental, royalty, and a Real Estate Mortgage Investment Conduit (REMIC) on federal Schedule E. Then, report the net income or loss on Massachusetts Schedule E, Line 1a or 1b.
Expenses related to these types of income are deducted from Massachusetts gross income to the extent they are deducted from federal gross income, with certain exceptions. Allowable expenses include:
There are certain differences between total rental, royalty and REMIC income on the federal return and the same type of income on the Massachusetts return. Enter these differences as adjustments on Massachusetts Schedule E, Line 2, and include the following:
If you qualify for the abandoned building renovation deduction, report it on Schedule E, Part 1. This will increase any loss or reduce any income that has already been calculated.
Rental income includes amounts you received as rent, for the use of depreciable property used in a trade or business. Security deposits are not rent unless you don't return them to the tenant.
Royalties are income you receive from:
Include this income in your Massachusetts gross income.
Royalties from certain U.S. energy conservation patents that have been approved by the Massachusetts Division of Energy Resources as useful for energy conservation or alternative energy development are deductible. Include this as an adjustment on Massachusetts Schedule E, Line 2
REMIC is a fixed pool of mortgages with multiple classes of interests held by investors who hold either a regular or residual interest.
Since it is not a taxable entity for federal income tax purposes, it's generally treated as a partnership, with the residual interest holders considered as partners.
Include income or losses from REMICs in your Massachusetts gross income.