Or. Admin. Code § 150-316-0125

Current through Register Vol. 63, No. 10, October 1, 2024

Section 150-316-0125 - Credit for the Gain on the Sale of a Residence Taxed by Another State

A credit will be allowed if the gain on the sale of a taxpayer's personal residence is taxed by both Oregon and another state or country. The credit is the lesser of:

(1) Mutually taxed gain:

Total income on - x - Other state's tax

Other state's return - after credits, or

(2) 8 percent of the gain taxed by the other state.

Mutually taxed gain is the total gain reduced by any allowable deductions or exclusions (i.e., capital gains deduction, differences in allowable depreciation due to business use of home, etc.).

Total income on other state's return is the other state's taxable income before subtractions for itemized deductions (or standard deduction) and exemptions.

To claim the credit, the taxpayer must send a copy of the other state or country's return and proof of payment.

A taxpayer may not claim both this credit and a credit under ORS 316.082 or 316.131 for taxes paid on the same gain.

Or. Admin. Code § 150-316-0125

12-31-79; TC 19-1979, f. 12-20-79, cert. ef. 12-31-79; RD 12-1985, f. 12-16-85, cert. ef. 12-31-85; REV 8-2001, f. & cert. ef. 12-31-01; Renumbered from 150-316.109, REV 62-2016, f. 8-15-16, cert. ef. 9/1/2016; REV 28-2017, f. & cert. ef. 7/21/2017

Attachment referenced is not included in rule text. Click here for PDF of attachment.

Stat. Auth.: ORS 305.100

Stats. Implemented: ORS 316.109