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Form OR-18 Fillable Tax Payments on Real Property Conveyances for 2014 taxes
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
A C corporation registered to do business in Oregon; A city county or other municipal or public corporation A governmental instrumentality (i e city county state or A pass through entity; A pass through entity; or A personal representative executor conservator bankruptcy A resident of Oregon; Acquired as gift is property that the seller did not purchase An agency or instrumentality of the United States or the An entity registered to do business in Oregon; An individual who is a resident of Oregon (see Determining Authorized agent is an escrow agent licensed under BIN is the Oregon business identification number a business cash to seller shown on the HUD 1 settlement sheet Didn t keep a home in Oregon during any part of the Eight percent of the gain that is includable in Oregon taxable Exempt transferor is a transferor that is: Farm use is land that is employed in the trade or business FEIN is the federal employer identification number a Four percent of the consideration (sale price); Maintained a permanent home outside Oregon the entire Nonexempt transferor is a transferor that is a nonresident Oregon is the center of the transferor s financial social Oregon is the place the transferor intends to return to Pass through entity is an entity through which income Rental property is any real property that is a rental building Specially assessed is property that has received a special Spent less than 31 days in Oregon during the year The consideration (total sales price) for the real property The conveyance is occurring instead of foreclosure of The conveyance is pursuant to a judicial foreclosure proceeding The net proceeds disbursed to the transferor The transferor delivers to the authorized agent a written The transferor thinks of Oregon as his or her permanent To be retained for the authorized agent s records To the transferor for their records Transferee is a person who acquires ownership of real Transferor is a property owner who transfers sells Undeveloped land is a parcel of land that is vacant and $200 000 He has claimed straight line depreciation on the $500 000 She purchased it for $250 000 ten years ago and ($465 000 $250 000) (: 1) Unchecked (: 1) Unchecked (: 2) Unchecked (: 2) Unchecked (: 3) Unchecked (: 3) Unchecked (: 4) Unchecked (: 5) Unchecked (: 6) Unchecked (: no) Unchecked (: Yes) Unchecked (1) Percent of ownership in real property (2) Nonresident owner s share of consideration from conveyance (attach separate basis calculation) 4 (Clear This Page) Clear This Page (LLP) certain trusts or estates (or written assurance) to the department within 30 days (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) 1 Consideration Amount of seller s share of sales price 1 10 Multiply line 9 by 8% (0 08) 10 11 Tax payment Enter the least of lines 2 3 or 10 11 $ 15 2014 The authorized agent completes Form OR 18 We 150 101 183 (Rev 12 13) 150 101 183 (Rev 12 13) 2 Multiply line 1 by 4% (0 04) 2 20 days from the date the proceeds from the conveyance are 28 2014 Even though Anne was a resident of Oregon for the 3 Net proceeds ( cash to seller ) 3 4 Your federal or Oregon adjusted basis in the property whichever is greater 453 to report the gain associated with the conveyance 5 Selling costs directly related to this conveyance not already included in the basis calculation 5 6 Add lines 4 and 5 6 7 Taxable gain Subtract line 6 from line 1 7 8 Reduce gain by applicable nonrecognition section under federal law Enter IRC section 8 9 Subtract line 8 from line 7 9 955 Center Street NE a mortgage trust deed sales contract or other security A nonexempt transferor must complete Form WC Written A nonresident is a transferor that maintains his or her a personal residence and the entire gain qualifies for exclusion a resident of Oregon A transferor is a full year resident of Oregon (even if living A transferor who moved into or out of Oregon during the a writ of execution a nonjudicial foreclosure of a trust Address of property conveyed Affirmation for an Oregon Real Property Conveyance This Agent daytime telephone number agent forwarded $200 000 of the amount due to the transferor agent If the transferor does not provide the completed agent involved and the attorney deposits the proceeds of agent must remit 4 percent of the consideration for the agents must obtain a completed Form WC from the transferor ago for $225 000 The total gain from the sale of his personal Americans with Disabilities Act (ADA): Call one of the help amount on the HUD 1 settlement sheet on the cash toseller amount originally paid for the property plus improvement An authorized agent must obtain a completed Form WC an exempt transferor such as a pass through entity then an exemption the authorized agent must withhold from an Oregon Real Property Conveyance and expenses flow to the owners of the entity such as a and family life; and and forms are designed to inform authorized agents and taxpayers and providing a simple calculation of how the credit will and tax payment requirements are based on the owner of and the remainder paid evenly each subsequent year For tax any property given to the transferor any structures located upon it are disbursed during the part of the year that the transferor as indicated in these instructions Asistencia en espa ol: assurance as provided in section 6045(e) of the Internal assurance to the authorized agent that the entire gain qualifies attached attesting to their residency status ATTN: Processing Center Attorney authorized agent for six years from the date the transaction authorized agent on or before the date of the closing Authorized agent s business name authorized agent will be credited to the Oregon income tax account of the transferor as an estimated payment Authorized agents are not required to submit tax payments Authorized agents should keep information showing that behalf of the taxpayer(s): By signing I also certify that I have the authority to execute this form ] behalf you may want to keep a copy of the Form being sold Adjusted basis is generally considered the bottom section of the form to the department along with business in Oregon business is assigned for federal tax purposes C corporation Calculating the tax payment calendar year is a part year resident The individual is a cases attorneys ( authorized agents ) are usually required Chapters 118 316 317 or 318 Enter explanation and calculation below or attach separate page City State ZIP code claim these tax payments on their Oregon tax returns filed closed The authorized agent also sends a copy of Form closing of the conveyance Give the top portion of the form complete Form WC Situations where the entire gain is not complete part B of Form WC Calculation of gain and tax Complete the top section of the form for all nonexempt Consideration consideration paid or the net proceeds from the sale consult a tax professional for assistance if they are unsure conveyance or if less the entire net proceeds Corporate excise (200) Corporate income (202) Corporations: Claim as payments made on your behalf from real estate income on your Oregon Form 20 or 20 I costs and minus depreciation Transferors may wish to costs directly related to the conveyance (if not already taken Current mailing address Date acquired Date paid: deed or a nonjudicial forfeiture of a land sale contract; or deeds or otherwise conveys their ownership interest in real deferred The authorized agent is only required to submit a Definitions Department of Revenue Use Only Detach Here Detach Here determination the transferor may not consider other losses determine if the entity is disregarded for tax purposes use Determining nonexempt status Determining residency status Determining residency status disbursal to: disbursed to the transferor Send the payment with the payment Disregarded entities Due date for Form WC Due date of Form OR 18 and Form TPV 18 each transferor Each transferor is considered separately for exemption If Edward over five years with 50 percent paid in the first year Enter Payment Amount entered into a deferred like kind exchange The escrow entered into a land sale contract where the transferee pays entirely by a single member is disregarded for tax purposes Escrow agent estimate If more space is needed a separate page may be Example 1: Anne moved from Oregon to California on Example 2: Katie sold a small commercial building for Example 3: Same facts as Example 2 except that Katie Example 4: Matt sold his rental triplex for $750 000 He purchased Example 5: Steve a single individual sold his personal residence Example 6: Edward sold a large acreage for $1 million His Example 7: Hanna conveyed her real property on August excludable include if the taxpayer claimed business use of exclude $250 000 of the gain from the sale of his personal exclusion amount exempt transfer Form WC is retained in the records of the Exempt transferors Exempt transfers farm use (EFU) but is not required to be federal adjusted basis The result is reduced by the selling federal agencies) Federal employer ID number (FEIN) filed To claim this exemption the nonexempt transferor first three months of the year she was not a resident at the for $690 000 He purchased the property eight years For example a California resident who sells Oregon property for exclusion of gain as the seller s principal residence for exclusion under IRC section 121 The transferor does For tax year for taxes paid to another state on the Oregon nonresident for the year in which the sale was made These instructions Form OR 18 and Form TPV 18 Form OR 18 Form WC Form TPV 18 and instructions Form Tax Year form to us Form WC Form WC and written assurances Form WC part A: Exemption Form WC part B: Calculation of gain and Form WC to the authorized agent as required the authorized from closing from taxation the transferor may reduce the gain includable from the sale is unlikely to be subject to Oregon tax the from the seller from the transferor before the transaction closes If the Gain includable in Oregon taxable income gain is not excludable from federal tax the transferor must Gain recognized using the installment method gain that is excludable under federal law Gain that is partially exempt from taxation General General information General tax information www oregon gov/dor gifted to the seller grantor trust is sometimes referred to as a revocable trust grantor trust special rules apply for tax purposes Sometimes Grantor Trusts A grantor trust is not recognized for tax Gratis de prefijo de Oregon 1 800 356 4222 guidelines to determine which box to check in the Type of has not been improved for accessibility to utilities nor has help make that determination If still in doubt authorized home deductions in the past or the gain exceeds the federal home; how to calculate their adjusted basis If the adjusted basis is I (we) certify under penalty of perjury the above statements are true I (we) understand that the amount shown on line 11 is being remitted I (we) hereby affirm that I am (we are) the transferor(s) of the property described above and that as of the date of closing I have (we have) If a nonexempt transferor reasonably determines the gain If a transferor completes a written assurance that the gain If a transferor conveys property that is partially exempt If a transferor is a limited liability company (LLC) or a If a transferor is not exempt from the tax payment requirements If a transferor uses the installment method under IRC section If the amount on line 11 is zero no tax payment is being made [Corporate officers fiduciaries or other qualified persons signing on If the grantor is deceased the trust is irrevocable and tax if the transferor is an exempt transferor such as: If the transferor is selling a personal residence and the entire If two transferors are married/RDPs and intend to file a If you are an authorized agent use Form OR 18 to report Important addresses in Oregon taxable income by the exempt amount for in taxable income by the amount excludable on his federal includes cash assumed debt and the fair market value of income is $427 270 ($750 000 $272 730 $50 000) income is received (commercial industrial or residential) income; or Individual (100) Individual C corporation Individuals: Claim as tax payments from real estate transactions on your Oregon Form 40N or 40P Information for authorized agents: instructions If the seller is a single member LLC owned by instrument or a land sale contract with no additional into account in the basis calculation) and any part of the Introduction Exemptions is $100 000 or less; is a resident of Oregon or another exemption applies is an authorized agent if there is no licensed escrow is assigned for Oregon tax purposes is true even if a nonexempt transferor is engaging in an is unable to return it to the agent by the time the agent is unlikely to be due and a calculation that explains the It could be property that was inherited or simply joint Oregon tax return for the year of the transaction complete KEEP A COPY OF THIS FORM IN AUTHORIZED AGENT S RECORDS FOR SIX YEARS FROM DATE SIGNED Keep the above portion with your records Do not mail it to the depar tment unless asked to do so knowledge (or have received advice from a tax professional) that there is no tax likely to be due under Oregon Revised Statutes (ORS) less the transferor s federal adjusted basis in the Limited Liability Companies (LLCs) An LLC owned line was $275 000 The escrow agent is scheduled LLCs or a C corporation that is not registered to do Mail For m TPV 18 with payment within 20 days from Mail Form WC within 30 days from closing to: Mail within 30 days of closing to: March 31 2014 She sold her Oregon rental property on July may be due when the seller is a nonresident Taxpayers will may reasonably expect to be eligible to claim the credit monetary consideration must complete part A of Form WC explaining why tax must submit a tax payment of the lower of 4 percent of the Name of authorized agent Name of authorized agent (escrow agent or attorney) Name(s) of individual or C corporation transferring property (transferor) Net proceeds nonexempt transferor may claim exemption In making the not need to complete Form WC numbers for information in alternative formats of farming for a profit The land may be zoned for exclusive of Oregon including grantor trusts and single member of Revenue as an estimated payment for any taxes that of the conveyance He calculates the tax payment only on the of their requirements Note that there are exceptions offset any Oregon tax due on gain from the sale of the real one Form WC Otherwise complete a Form WC for one transferor is exempt tax payments are only required on OR 18 in your records OR 18 Report of Tax Payments on Real Property Conveyances 2014 or a living trust As long as the grantor is living treat the or corporate tax return Complete Form OR 18 as part of the or deductions that may be claimed when the tax return is or deferral or does not complete part A of Form WC indicating or Fiscal Year Ending or structure (including mobile homes) for which rental Oregon Department of Revenue Oregon Department of Revenue ATTN: Processing Center 955 Center St NE Salem OR 97301 Oregon during the year? Oregon residents are deemed nonresidents if they: Oregon Revised Statutes (ORS) 696 505 to 696 590 An attorney Other: out of Oregon temporarily or moved back to Oregon after a outside of Oregon) if all of the following are true: PART A Authorized agent Part A: Exemption PART B Transferor s information Part B: Calculation of gain and tax payment PART C Transferor s Oregon income and ownership information PART D Payment information partnership S corporation limited liability company (LLC) Payment amount payment and provide it to the authorized agent handling payment is $275 000 Payment of Tax for Nonresidents FORM payment Reduce the gain for the year by the amount that is payments are not required percent of the sales price or if less all of the net proceeds Percentage of ownership interest in property permanent home outside of Oregon all year Sometimes PO Box 14950 portion of the gain recognized in the year of conveyance Principal residence exemption If the transferor is selling property property conveyed section: property located in Oregon property or the Oregon adjusted basis if different than the property over the last 15 years totaling $327 270 ($21 818 each property tax assessment such as a reduced valuation property to another person or entity property were $20 000 and included typical costs The Purpose of forms purposes because the grantor retains substantial control A purposes Edward recognizes $250 000 of the gain in the year qualifies for the principal residence exclusion under IRC Real estate tax payments at a glance real property (unless the transfer is exempt see Exempt real property and is generally the sales price Consideration registered domestic partners (RDPs) filing a joint return related to this transaction used to calculate the tax renovated the property spending an additional Rental property Farm use Other: Reporting tax payments requires the authorized agent must submit a payment of 4 residence from taxation He may reduce the gain includable residence is $465 000 Under IRC section 121 Steve may residency status); resident for part of the year and a nonresident for part of the return based on the amount of gain that California will also Revenue Code (IRC) that the sale or exchange qualifies Salem 503 378 4988 Salem 503 945 8617 Salem OR 97301 2555 Salem OR 97309 0950 scheduled to disburse $75 000 to Katie The net proceeds Secondary tax I D number section 121 that is all that s required If the transferor signs selling costs of $50 000 His gain includable in Oregon taxable showing the tax payment to the transferor and send the Signed under penalty of perjury: Social Security number (SSN)/BIN/FEIN of transferor Spouse s/RDP s name (if applicable) Spouse s/RDP s signature (if applicable) Date SSN/BIN/FEIN State State State of Oregon; or still owed $205 000 on it Her selling expenses from the Street address tax In that case the nonexempt transferor completes the tax on the gain from the sale Escrow agents and in some tax payment tax payment on the first installment of an installment sale tax payments are not required Tax payments are required when nonresidents sell Oregon Tax Payments on Real Property Conveyances 2014 tax return The tax payment is based on the gain of $215 000 Tax Year Tax year 2014 Taxpayer assistance Taxpayer is: Taxpayer name Taxpayer tax year end date temporary absence that is not a disregarded entity limited liability partnership the authorized agent The authorized agent is required to complete Form OR 18 and Form TPV 18 to send a payment The authorized agent must prepare two copies of Form OR 18 and Form TPV 18 for each Mail Form TPV 18 within 20 days from disbursal to: The authorized agent must send the completed Form WC The consideration for the conveyance is the amount given to the date of the payment The following terms are used in these instructions: the guidelines below: the LLC If an LLC is owned by one individual or spouses/ the portion of the conveyance attributable to the nonexempt the proceeds and submit the smaller of: the property 15 years ago for $400 000 He immediately the rental is $272 730 ($600 000 $327 270) He had ordinary the sale into a client trust account and disburses funds to the seller is an exempt transferoror or obtain Form WC the tax payment As evidence of the tax paid on the transferor s the tax payment the transferor may claim on the personal the transaction in the time specified by the authorized the transferor the transferor in exchange for the transferor s interest in the The transferor is still an Oregon resident if he or she moves The transferor must provide the completed Form WC to the the transferor reduces the gain used to calculate the tax the written assurance the authorized agent must send that these entities are disregarded for tax purposes To third quarter of 2014 as of the date the payment is made This is the amount from the conveyance that is to be disbursed This is the amount of consideration received for the conveyance this purpose this requirement if the conveyance occurs and the proceeds Those who sell Oregon real property are subject to Oregon time of the conveyance so she may not claim exemption as to a qualified intermediary The escrow agent is To determine gain includable in Oregon taxable income To determine the proper tax payment the transferor must to disburse $275 000 from this conveyance The net proceeds to the transferor Generally this is the amount of to withhold and remit tax payments to the Oregon Department Toll free from an Oregon prefix 1 800 356 4222 Toll free from an Oregon prefix 1 800 886 7204 top part of Form WC and part A explaining the situation total gain on the sale was $500 000 He and the transferee TPV 18 transferor transferor and distribute as follows: Oregon Department of Revenue Transferor is (check one) Transferor name transferor refuses to provide a completed Form WC or Transferor s address Transferor s daytime telephone number Transferor s federal employer identification number (FEIN) Transferor s signature Date Transferor s Social Security number (SSN)/BIN transferor should keep a copy of the Form WC provided to transferor(s) transferors are Oregon residents use the criteria below to transferors that must complete Form WC Use the following transfers on page 1) If you are uncertain whether or not treat the member(s) as individuals and follow the related trust as an individual and follow the related instructions trustee or other person acting under judicial review; TTY (hearing or speech impaired; machine only): Type of authorized agent Type of property conveyed Specially assessed Undeveloped land Acquired as gift Type of taxpayer: Individual under federal law the transferor must provide a written under IRC section 121; unknown at the time of the transfer the authorized agent Use this section to calculate Oregon tax required to be withheld The tax payment sent to the Oregon Department of Revenue by the used to calculate the tax payment is $75 000 voucher Form TPV 18 Payment of Tax for Nonresidents WC and any required attachments to the department The WC Written Affirmation for We will credit the payment to the appropriate tax year as of What if the transferor moves into or out of when away When the property is owned by more than one Who is a nonresident? Who is an Oregon resident? will credit Hanna s tax account with the payment for the Written Affirmation for an Oregon Real Property Conveyance year A part year resident may only claim exemption from year for 15 years) His Oregon and federal adjusted basis in year; and you must determine your adjusted basis in the property You must remit the tax payment to the department within ZIP code ZIP code