Printable Form 706-NA Rhode Island 2019-2025

Printable Form 706-NA Rhode Island: What You Should Know

The estate tax has a lot of pitfalls to avoid. But some of those pitfalls can be overcome. If you're ready to face them, here's how. What is the Oregon Estate Tax? The Estate Tax is the tax levied by Oregon. It is paid on the value of any decedent's real estate, land, or other intangible asset that will or has been transferred outside of Oregon. According to the Tax Code, the Estate Tax applies to “any real estate, real estate holding company, land, or other asset used or deemed used in an affair within the Commonwealth during any taxable year of the estate.” However, it is not tax on transfers of “assets that are subject to any taxation by a state, county, municipal corporation, or political subdivision of a state or by the United States.” This means that Oregon tax is not payable against transfers of the following types of property to another taxpayer: Real Estate: Property owned by the decedent, held for sale, or used for any purpose outside the business that was made or business of the decedent. This includes mortgages and liens, as well as property held by the decedent to earn money or to secure a loan. The “business of the decedent” should be determined from the decedent's will. Paid-In Debts: Property that a decedent owes in a transaction in which any funds are owed before the decedent dies is included in the gross estate in Oregon under Oregon's estate tax. This includes the payment in full or partial satisfaction of any security, mortgage, lien, or claim. Gift: Property that a decedent gives to or for the use of another individual, or gives of the use of property to any charity or other nonprofit organization that is not related to the decedent or an estate, except property that is designated property to avoid estate tax collection. Qualified Gifts: Property that is used by a decedent, for that person's use, as well as property that is distributed without any money or other personal benefit. In other words, property that is not used by the decedent's estate to generate any income for the decedent, but is used in support of the decedent's charitable, cultural, religious, literary, educational, athletic or recreational activities, and not sold, transferred, or otherwise transferred to other individuals or organizations.

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