What are tax filing requirements when an Individual who is a resident of Oregon dies?

At least one of three things can happen:

  1. If there is a surviving spouse when one spouse dies, then the surviving spouse will inherit the assets of the deceased spouse unless there is a designated beneficiary on assets of the deceased.
  2. If there is not a surviving spouse and there is a will, then the designated executor named in the will, shall prepare an asset list of all the assets owned by the deceased on the date of that person’s death. If the total of those assets is more than $1,000,000, then an Oregon 706 form must be filed showing all of those assets.  The amount exceeding $1,000,000 will have asset tax paid with the filing of the Form 706.  The Form 706 is due within nine months of the date of death.
  3. If there is income from the decedent’s estate of trust after the date of death, then Form 1041 is to be filed. That return reports the income from the date of death to the later of December 31 of the year of death, or the end of the month eleven months after the date of death.

If your total assets for 2022 are more than $12,060,000, then a Federal Form 706 will need to be filed.  That amount increases to $12,920,000 for 2023.

These get very complicated, so you should call our office at 503.723.4223 to get advice.  Or you should discuss with your tax or estate attorney.