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OR-40-NP gains from property sold in another state

I have approx 10,000 in short term gain from an unimproved property in WA that I had owned for less than a year.  WA collected "excise" tax upon sale.   

 

I was an OR resident for the first 3/4 of the year. The property was bought and sold while I was a resident of OR.

Do I put the full amount on line 13S?  Seems like double tax to me.

 

Directions from OR: 13S Capital gain or loss. Determine the amount of gain or loss and capital gain distributions from Oregon sources for the part of the year you were a nonresident. Add the amount of your capital gains received and losses incurred during the part of the year you were an Oregon resident. Limit losses to $3,000 ($1,500 if married filing separately).

 

Thanks in advance.

 

Steve

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2 Replies
MaryK4
Expert Alumni

OR-40-NP gains from property sold in another state

Unfortunately, it is not a double tax because Washington has the excise tax and Oregon has the income tax.  Note: If it would have been taxed as income in a state you would have been able to claim a credit on your Oregon return to offset the "double tax"

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OR-40-NP gains from property sold in another state

So it is an "Oregon source" and 100 percent taxable?

 

Thanks,

Steve

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