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Form 706-NA online Oregon: What You Should Know
Do not fill out all the fields, if you know the value of all the properties and heirs, do not fill. If estate and heirs are not known, fill in. You just need to know the amount of the estate. You can also enter in the full value of the Oregon property to pay the tax, 500,000, which is the state maximum, but the tax is based on the value of the property. In the case of multi-million dollar assets with multiple heirs, the estate will be taxed at the federal rate. The federal exemption is 5.49 million and the Oregon deduction is 5.49 million plus 15 cents for every 1,000 of Oregon property received. Don't worry, your estate will get the tax refund within one year, and you must file Form, Notice of Assessment of the Oregon Estate Tax, within 28 days of the date on the notice (except a married couple filing jointly who owe both Oregon & Federal estate tax by virtue of marriage.) 2021, Form OR-706, Oregon Estate Transfer Tax Return Oregon estate tax. The executor of a decedent's estate will use Form OR-706, reported on line 10 of the federal Form 706 recapitulation. 2021 Oregon Estate Transfer Tax Return, 150-104-001. Oregon Estate Tax Exemption. Oregon's exclusion from the estate tax is based on the value of the decedent's Oregon assets. In the case of a decedent with Oregon property valued at no more than 500,000 and no more than five people, all the decedent's estate's Oregon property must be sold together to arrive at the taxable estate. All the decedent's remaining Oregon property may not be sold or otherwise transferred except to members of the decedent's family. In the case of multiple heirs, the estate tax is based on the amount received by each sibling, then divided among the children. Oregon Estate Tax Exemption. Oregon's exclusion from the estate tax is based on the value of the decedent's Oregon assets. The exemption is limited to the value of the decedent's Oregon property acquired less than 12 months prior to its death. (Form, Notice of Assessment of the Oregon Estate Tax, 150-104-001.
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