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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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Important Info For Out Of State Sellers of Oregon Property

January 1, 2008 House Bill 2592 will go into effect.  What does this mean?  For the out of state seller it means less money in the short run.  If an out of state seller sells an Oregon property after January 1, 2008 new legislation will require a mandatory withholding for income taxes.

The withholding will be from the seller’s proceeds at the time of closing.  The new 2008 sales agreement will have text that pertains to this and the new law.

What to expect  – from looking over the bill which can be viewed at http://www.leg.state.or.us/07reg/measpdf/hb2500.dir/hb2592.intro.pdf I see it as you should expect to have 4% of the net proceeds or 10% of the gain for taxable income.  Obviously it is much more detailed than this, please do read the bill so you know exactly what to expect regarding your own sales in Oregon. 

As, always your comments and questions are appreciated.

Posted in: Bend, Caldera Springs, Central Oregon, La Pine, Sunriver, Three Rivers South

Comments

  1. Indianapolis Real Estate says

    November 21, 2007 at 6:45 pm

    Thesa- You may get a surge of sellers with this new law. This could definately add to the expense of selling a home in Oregon.

    Reply
  2. Albuquerque NM Real Estate says

    November 26, 2007 at 2:13 am

    Thesa – good information to be aware of when it comes time to sell. This could be a big surprise otherwise for many Oregon sellers. – Ashley

    Reply
  3. Palmetto Bay Redland Real Estate says

    November 28, 2007 at 4:41 am

    Thesa, this makes sense. If they’re out of town sellers, then the home is not a primary residence and subject to capital gains taxes. Hmmm! I can see other states following suit. The IRS even?

    Reply
  4. Joanne Hanson says

    January 18, 2008 at 11:22 pm

    Thesa, in Colorado, out of state Sellers have 2% of the sale price withheld, unless they can sign an affidavit saying that there was no gain at all, or if it is owned by a corporation rather than an individual. They are all looking to close loopholes and get every penney they think they are owed!

    Reply

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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