Are you thinking of the capital gains exemption on primary residences? (which used to be a one-time exemption) The Oregon law you're referring to is the tax withholding on sales of oregon properties if owned by a non-resident.
Barry's post is great advice; it sounds like you're dealing with a primary residence that has been converted to an income property and there are two states involved - one with state income tax and one without state income tax.
I lived in Las Vegas for over 20 years and I highly recommend Glenn Goodnough. He's a CPA with Stewart, Archibald & Barney out on W. Charleston. 702-579-7000 He should be able to help you out or point you in the right direction. Tell him I said hi.
Get a Comparative Market Analysis from another agent. You could go and spend the $300-400 for a licensed appraiser and they're going to use the same data as an experienced and knowledgeable agent will use to determine an approximate value.
A quick review of the Portland MLS shows that there are a number of properties priced BELOW what they appraised for. I’m not sure I’d spend the extra money unless it’s a rare and difficult house to comp out.
In this declining market, price is key – you’re better off to price near the lower end of the range and generate multiple offers, rather than price at the high end and get few showings. There is almost 11 months of inventory in the Portland market – buyers have much to choose from.
If you’d like a free no-obligation CMA, just call me!
Chris Aldridge
RE/MAX Equity Group
503-495-3924 - Fri Aug 15 2008, 09:49
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