Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 314 - INCOME TAXATION GENERALLY GENERAL PROVISIONS
Section 150-314-0226 - Notification of Gain Realized Upon the Sale or Exchange of a Principal Residence
Universal Citation: OR Admin Rules 150-314-0226
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The period for the assessment of any deficiency attributable to any part of the gain realized upon the sale or exchange of the taxpayer's principal residence shall not expire prior to three years from the date the department is notified by the taxpayer of:
(a) The cost of
purchasing the new residence which the taxpayer claims results in
nonrecognition of any part of such gain; or
(b) The taxpayer's intention not to purchase
a new residence; or
(c) A failure
to purchase a new residence within the prescribed period. The department is
deemed to have been notified when the taxpayer provides this information to the
department.
(2) Individuals who have deferred gain on the sale of a principle residence under Internal Revenue Code (IRC) Section 1034, or who have excluded gain on the sale of a residence under IRC 121, are not required to file notice directly with the department if:
(a) They have met any
applicable reinvestment requirements; and
(b) Notification of the reinvestment has been
filed with the Internal Revenue Service. In this case, the department is deemed
to have been notified on the date the Internal Revenue Service is
notified.
Stat. Auth.: ORS 305.100
Stats. Implemented: ORS 305.295
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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