NEW DEVELOPMENT!
OREGON WITHHOLDING FOR
NON-RESIDENT
SELLERS
Beginning January 1, 2008, the sale of real estate by
non-resident individuals and C corporations (that do not maintain a
permanent place of business in the State) will be subject to a
withholding requirement. Escrow closers will be required to withhold
and pay to the State the lesser of 4% of the consideration, 4% of
the net proceeds or 10% of the gain.
Exchange companies with funds in the exchange account at the
conclusion of the exchange will also be subject to withholding
requirements. Final regulations were issued in December.
For a copy of the regulations and forms or to discuss this new
development please contact Toija Beutler and the staff at IPX1031
(888) 310-1031 or (503) 223-3911.
Circular 230 Notice: This communication, including any
attachments, is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding tax-related penalties or (ii)
promoting, marketing or recommending to another person any
tax-related matters addressed herein.
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