Estate transfer tax or inheritance tax?
The purpose and filing requirements for both of these taxes are the same. The date of death determines which tax you'll file:
Estate transfer tax is imposed when assets are
transferred from the estate to heirs and beneficiaries. The tax return
and payment are due nine months after the estate owner's date of death.
If you need more time to file, use federal Form 4768 for a six-month extension. This doesn't extend your time to pay. Extensions to pay are only granted under special circumstances as identified in OAR 150-118-0150.
When to file
- If the total value of all estate assets was $1,000,000 or more when the decedent died and the estate contained any property taxable by Oregon.
- If the decedent had an estate valued at $1,000,000 or more and was an Oregon resident or a nonresident that real property located in Oregon or tangible personal property located in Oregon.
- If the estate made estimated tax payments and the gross estate was later determined to be less than $1 million. This filing is a request to claim a refund.
Who's responsible for filing?
- Personal representative.
- Custodian of estate assets.
- Person who has actual or constructive possession of estate assets.
Estate income tax
The estate owns the decedent's assets. If these assets generate income, it's subject to income tax. Report this tax on Form OR-41, Oregon Fiduciary Income Tax Return
Trust income tax
In a trust, trustees take title to property to protect it for the beneficiaries. If the trust property generates income, it's subject to income tax. Report this tax on Form OR-41, Oregon Fiduciary Income Tax Return
Consent to transfer stock
You don't need our consent to transfer stock or a stock waiver certificate if the decedent's date of death is on or after January 1, 1987. If the date of death was before this date, contact us
for the application for consent to transfer stock.
Tax professionals and estate attorneys
For faster service, we recommend that you research your questions before contacting us
. Allow a minimum of three to five business days for us to respond.
Subscribe to Revenews for Tax Professionals,
or read our Revenews archives
. For detailed tax information, see Oregon Revised Statutes (ORS 316.267 to 316.317
), and corresponding Oregon Administrative Rules (OAR).
||A person who receives assets from an estate. The assets of an estate are distributed to beneficiaries after all taxes and expenses are paid. The assets may be distributed under the terms of a will or under the provisions of state law.|
||A legal word for a person who has died.|
||All the property of the decedent and any money the estate earns (such as rental income or stock dividends).|
||A personal representative, administrator, trustee, fiduciary, or custodian of the property, or any person who has actual or constructive possession of the decedent's property.|
||An individual or legal group, such as a bank or corporation, with financial responsibility for an estate or a trust.|
||All property that isn't real property, such as money, stocks, bonds, machinery, or equipment.|
||The person in charge of the decedent's property. The personal representative is also the estate's fiduciary.|
||A formal court proceeding to settle a decedent's finances and distributes the property according to the will or state law.|
||In Oregon, this is generally the circuit court, but it may be the county district court or the county court.|
||Real property is land and stationary buildings.|
||A court procedure to transfer the title of solely-owned property to the heirs if the estate has a fair market value of $275,000 or less, with no more than $75,000 of personal property and no more than $200,000 of real property.|