Oregon Form OR-24

[Margaret CPA in OH]

Client had like-kind exchange for a property in OR; cashed out a lot, paid lots of tax but exchanged a the rest for an OH property.  I've been alerted that Form OR-24 must be filed annually until the replacement property is sold.  I cannot find if this form can be filed as a stand alone as it states to be included with the regular income tax form - which said client does not need to file as a non-resident.  Or do I file a 0 return with this form?

Thanks

[Lee B]

According to the instructions you would file it with Form OR 40 N as a nonresident.

Here is a link to the ODR Tax Professionals page which will provide you with an email link or phone number to call.

https://www.oregon.gov/dor/programs/taxpro/Pages/default.aspx

[DANRVAN]

36 minutes ago, Margaret CPA in OH said:

which said client does not need to file as a non-resident. 

 

36 minutes ago, Margaret CPA in OH said:

property in OR; cashed out a lot, paid lots of tax but exchanged a the rest for an OH property. 

Sounds to me like your client had Oregon Source Income per  ORS 316.127 (2)(a) and needs to file Oregon Form 40-N.

[Margaret CPA in OH]

Client had OR property and did like kind exchange in 2022.  Client no longer has property in or income from OR but exchange intermediary reminded him to file OR-24 annually until exchanged property is sold at which time OR wants its share of possible gain that was deferred.  Preparer for 2023 did not file either OR-24 or any OR return.

I am fine with filing a blank nonresident return but thought it was silly to do that to add in the OR-24.  I could not, however, see a way to just file OR-24.  Thanks, LeeB, for the link which I did not see earlier.  I did look.  I will see what I can find there.

[Lee B]

If you email them with a question, they usually respond the next day.

[Margaret CPA in OH]

It can be submitted online.  I stumbled over the requirement to file the form that doesn't mean the nonresident does not have a filing requirement (but has to file this form). I think I have it now!  Still baffled about the CA required insurance but managed to get it down to $256.

I really just want to stick with Ohio returns which are bad enough! 

[DANRVAN]

 

1 hour ago, Margaret CPA in OH said:

I think I have it now! 

So do I!  I have had clients with exchanges of out of state property for Oregon property, but not vice versa.

Oregon wants to make sure that somewhere down the road the source of income is not forgotten!

Oregon also has a a form 18-WC that can require escrow agents to withhold Oregon tax when property is sold to non-residence at a gain.