Get the free Form OR-24, Oregon Like-Kind Exchanges/Involuntary Conversions, 150-101-734

Clear former OR24Office use only18480001010000Oregon Department of Revenue Page 1 of 1, 150101734 (Rev. 072420, very. 01)Date received Oregon Likening Exchanges/Involuntary Conversions Submit original

How to fill out form or-24 oregon like-kind

How to fill out form or-24 oregon like-kind

1. To fill out form OR-24 Oregon like-kind, follow these steps:
2. Start by entering your name and contact information at the top of the form.
3. Provide details about the property being transferred, including the address and a brief description.
4. Indicate if the transfer is part of a like-kind exchange under Section 1031 of the Internal Revenue Code.
5. If applicable, provide information about any intermediaries involved in the exchange.
6. Calculate the gain or loss on the property being transferred and fill in the appropriate sections.
7. Complete the remaining sections of the form, including reporting any taxable or non-taxable income resulting from the exchange.
8. Sign and date the form, and include any required attachments or supporting documents.
9. Double-check the form for accuracy and completeness before submitting it to the appropriate tax authority.

Who needs form or-24 oregon like-kind?

1. Form OR-24 Oregon like-kind is needed by individuals or businesses who are involved in like-kind exchanges of real property in Oregon.
2. This form is used to report the details of the exchange and calculate any taxable income or loss.
3. It is required for both the party transferring the property and the party acquiring the property.
4. Consult a tax professional or refer to the instructions provided with the form for specific eligibility criteria and requirements.

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What is form or-24 oregon like-kind?

Form OR-24 is a tax form used in Oregon for reporting like-kind exchanges of property, allowing taxpayers to defer capital gains tax on the exchange of similar assets.

Who is required to file form or-24 oregon like-kind?

Taxpayers who have participated in a like-kind exchange during the tax year and are seeking to report the transaction to the Oregon Department of Revenue are required to file Form OR-24.

How to fill out form or-24 oregon like-kind?

To fill out Form OR-24, you need to provide information about the properties exchanged, including their fair market values, the dates of the exchange, and other related financial details.

What is the purpose of form or-24 oregon like-kind?

The purpose of Form OR-24 is to report like-kind exchanges of property to the Oregon Department of Revenue, enabling taxpayers to defer capital gains taxes on those transactions.

What information must be reported on form or-24 oregon like-kind?

Form OR-24 requires reporting the description and fair market value of the relinquished and acquired properties, dates of the exchange, and any boot received or paid in the transaction.