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Discussion:Oregon State Income Tax Deduction (Code 304)

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Discussion Forum Index --> Advanced Tax Questions --> Oregon State Income Tax Deduction (Code 304)


Discussion Forum Index --> Tax Questions --> Oregon State Income Tax Deduction (Code 304)

Sfbcpa (talk|edits) said:

2 April 2014
I am a Washington CPA and don't prepare many Oregon state income tax returns, however I have a client who was born and raised in WA State but moved to Oregon a couple years ago. She sold her WA state rental property last year which had a reduced basis because it was a replacement property for a 1031 exchange with another WA State property she did back in 2006. So the gain is pretty significant. She has low income otherwise and so her federal taxes are actually less than her Oregon state income taxes which seems so wrong.

Question, does Oregon allow a deduction under Code 304 for there being a different basis in Oregon vs. Federal if the property was a WA State property that had a reduced basis because of a 1031 exchange done with a WA state property?

Doug M (talk|edits) said:

2 April 2014
ORS 316.707 (See page 79 in Oregon Pub 17.5. It has a good example of the Oregon rules.)

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