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2021 Form OR-40-P, Oregon Individual Income Tax Return for Full-year Residents, 150-101-055.
2021 Form OR-40-N, Oregon Individual Income Tax Return for Full-year Residents, 150-101-048.
Oregon taxes capital gains as income and the rate docHubes 9.9%.
The Oregon Department of Revenue does not tax the gain from the sale of your personal residence if it is not taxable for federal purposes. For more information please see IRS Publication 523, Selling Your Home.
Home sales can be tax free as long as the condition of the sale meets certain criteria: The seller must have owned the home and used it as their principal residence for two out of the last five years (up to the date of closing). The two years do not have to be consecutive to qualify.
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The rate varies based on a number of factors, such as your income and size of gain. Capital gains tax on residential property may be 18% or 28% of the gain (not the total sale price).
Form 40 is a dual form used for the Tax Return and Tax Amendment. You can prepare a 2022 Alabama Tax Amendment Form on eFile.com, however you can not submit it electronically. In comparison, the IRS requires a different Form - Form 1040X -to amend an IRS return (do not use Form 1040 for an IRS Amendment).
Throughout almost all of Oregon, you wont pay any real estate transfer taxes. The one exception is Washington County, which levies a transfer tax of $1 per every $1,000 of value. So, if your home sells for $500,000, youll need to pay $500.
Real estate tax payments at a glance Those who sell Oregon real property are subject to Oregon tax on the gain from the sale.
Avoiding a capital gains tax on your primary residence You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married filing jointly. The exemption is only available once every two years.

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