You don't need our consent to transfer stock or a stock waiver certificate if the decedent's date of death is on or after January 1, 1987. Installment gains from sales completed before death.Income received by the estate on behalf of the decedent, such as salaries or fees owed to the decedent but unpaid at the time of death.Income from property held by the estate.The fiduciary income tax return must report all: For example, the estate may earn interest or dividend income, or rental income from estate assets. Income earned by an estate is subject to fiduciary income tax. The estate is a taxable entity, separate from the decedent and the beneficiary. Report this tax on Form OR-41, Oregon Fiduciary Income Tax Return.

If the trust property generates income, it's subject to income tax. In a trust, trustees take title to property to protect it for the beneficiaries. If these assets generate income, it's subject to income tax. Extensions to pay are only granted under special circumstances as identified in OAR 15.

If you need more time to file, use federal Form 4768 for a six-month extension. For deaths on or after Januthe tax return and payment are due 12 months after the decedent's date of death. Person who has actual or constructive possession of estate assetsįor deaths prior to Januthe tax return and payment are due nine months after the decedent's date of death.This filing is a request to claim a refund. If the estate made estimated tax payments and the gross estate was later determined to be less than $1 million.If the decedent had an estate valued at $1 million or more and was an Oregon resident or a nonresident that had real property located in Oregon or tangible personal property located in Oregon.

If the total value of all estate assets was $1million or more when the decedent died, and the estate contained any property taxable by Oregon.

Dates of death on or after January 1, 2012 file Form OR-706, Oregon Estate Transfer Tax Return for the year of death.

Dates of death before January 1, 2012 file Form IT-1, Oregon Inheritance Tax Return.

The decedent's date of death determines which form you'll file: The purpose and filing requirements for both taxes are the same. Further, most states place beneficiaries in different tax brackets based on the closeness of a beneficiary’s relation to the decedent, the amount a beneficiary receives, or both.A transfer tax is imposed when assets are transferred from an estate to heirs and beneficiaries. Additionally, more distant family members usually do not receive an exemption. Generally, states exempt immediate family members from having to pay inheritance taxes, though this is not the case in every state. Only six states– Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania–currently impost an inheritance tax, with each state determining their own rules for who must pay the tax and how much they must pay.

Unlike an estate tax, the inheritance tax is levied against the beneficiary of an estate, and not against the estate itself. An inheritance tax–also sometimes referred to as a legacy or succession tax–is a state tax that must be paid by a person who receives property from the estate of a decedent, either through a will or intestate succession.

States with inheritance tax