Form Or-18 - Report Of Tax Payments On Real Property Conveyances Page 4
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6Gain that is partially exempt from taxation
or corporate tax return. Complete Form OR-18 as part of the
closing of the conveyance. Give the top portion of the form
If a transferor conveys property that is partially exempt
showing the tax payment to the transferor and send the
from taxation, the transferor may reduce the gain includ-
bottom section of the form to the department along with
able in Oregon taxable income by the exempt amount for
the tax payment. As evidence of the tax paid on the trans-
this purpose.
feror’s behalf, you may want to keep a copy of the Form
Example 5: Steve, a single individual, sold his personal resi-
OR-18 in your records.
dence for $690,000. He purchased the property eight years
ago for $225,000. The total gain from the sale of his personal
Due date of Form OR-18 and Form TPV-18
residence is $465,000. Under IRC section 121, Steve may
You must remit the tax payment to the department within
exclude $250,000 of the gain from the sale of his personal
20 days from the date the proceeds from the conveyance are
residence from taxation. He may reduce the gain includable
disbursed to the transferor. Send the payment with the pay-
in taxable income by the amount excludable on his federal
ment voucher, Form TPV-18, Payment of Tax for Nonresidents.
tax return. The tax payment is based on the gain of $215,000
We will credit the payment to the appropriate tax year as of
($465,000 – $250,000).
the date of the payment.
Gain recognized using the installment method
Example 7: Hanna conveyed her real property on August
15, 2008. The authorized agent completes Form OR-18. We
If a transferor uses the installment method under IRC sec-
will credit Hanna’s tax account with the payment for the
tion 453 to report the gain associated with the conveyance,
third quarter of 2008 as of the date the payment is made.
the transferor reduces the gain used to calculate the tax
payment. Reduce the gain for the year by the amount that is
Important addresses
deferred. The authorized agent is only required to submit a
tax payment on the first installment of an installment sale.
Mail Form TPV-18 with payment within 20 days from
Example 6: Edward sold a large acreage for $1 million. His
disbursal to:
total gain on the sale was $500,000. He and the transferee
Oregon Department of Revenue
entered into a land-sale contract where the transferee pays
PO Box 14950
Edward over five years with 50 percent paid in the first year
Salem OR 97309-0950
and the remainder paid evenly each subsequent year. For tax
purposes, Edward recognizes $250,000 of the gain in the year
Mail Form WC within 30 days from closing to:
of the conveyance. He calculates the tax payment only on the
Oregon Department of Revenue
portion of the gain recognized in the year of conveyance.
PTAC Compliance
955 Center Street NE
Information for authorized agents:
Salem OR 97301-2555
Reporting tax payments
Taxpayer assistance
Form WC and written assurances
General tax information ..........................
An authorized agent must obtain a completed Form WC
Salem .................................................................. 503-378-4988
from the transferor before the transaction closes. If the
Toll-free from an Oregon prefix .................... 1-800-356-4222
transferor refuses to provide a completed Form WC, or
Asistencia en español:
is unable to return it to the agent by the time the agent
requires, the authorized agent must submit a payment of 4
Salem .................................................................. 503-378-4988
percent of the sales price or, if less, all of the net proceeds.
Gratis de prefijo de Oregon ......................... 1-800-356-4222
TTY (hearing or speech impaired; machine only):
If a transferor completes a written assurance that the gain
qualifies for the principal residence exclusion under IRC
Salem .................................................................. 503-945-8617
section 121, that is all that’s required. If the transferor signs
Toll-free from an Oregon prefix ..................1-800-886-7204
the written assurance, the authorized agent must send that
Americans with Disabilities Act (ADA): Call one of the help
form to us.
numbers for information in alternative formats.
The authorized agent must send the completed Form WC
(or written assurance) to the department within 30 days
from closing.
Form OR-18 and Form TPV-18
Purpose of forms
If you are an authorized agent, use Form OR-18 to report
the tax payment the transferor may claim on the personal
150-101-183 (Rev. 12-12)
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