Oregon Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption
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How to fill out Certification Of No Information Reporting On Sale Or Exchange Of Principal Residence - Tax Exemption?
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FAQ
If you do not receive a 1099-S after selling your home, it’s important to take action. You should contact your closing agent or attorney to verify whether the form was filed. Not receiving a 1099-S could lead to potential penalties for failing to report income. In instances involving the Oregon Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption, ensure you are aware of your rights and reporting decisions.
Forms OR-40, OR-40-P and OR-40-N can be found at or you can contact us to order it.
Oregon Department of Revenue. 2020 Form OR-40. Oregon Individual Income Tax Return for Full-year Residents.
You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income.
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See Sale of Your Home for more information on the exclusion.
Oregon does not have a sales tax exempt certificate. If you're an Oregon resident working or shopping in a state with a sales tax and want information about that state's sales tax policy regarding nonresidents, consult that state's taxation agency.
To order by phone, call 800-908-9946 and follow the prompts in the recorded message. To request a 1040, 1040A or 1040EZ tax return transcript through the mail, complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript.
This is taxed at the standard income tax rate. If you have owned your property for longer than one year it will be subjected to a different tax rate. This is a long-term capital gain. The rate can be anywhere between 0% to 20% but most often falls within the 15% range.
Download forms from the Oregon Department of Revenue website . Order forms by calling 1-800-356-4222. Contact your regional Oregon Department of Revenue office.
If you receive an informational income-reporting document such as Form 1099-S, Proceeds From Real Estate Transactions, you must report the sale of the home even if the gain from the sale is excludable. Additionally, you must report the sale of the home if you can't exclude all of your capital gain from income.