Oregon Form OR-24: Like-Kind Exchanges and Section 1033 Conversions

Oregon Form OR-24 is the schedule you attach to your Oregon return to report a like-kind exchange or involuntary conversion in which you gave up Oregon business or investment property and received replacement property located outside Oregon. You file it for the year of the exchange and again every year after that until you sell or otherwise dispose of the replacement property. The figures come straight from federal Form 8824, so complete the federal form first.¹

Who Has to File It

Three conditions have to line up. The property you gave up was business or investment property located in Oregon. The replacement property you received is located outside Oregon. And you deferred gain on the transaction under IRC Section 1031 (like-kind exchange) or Section 1033 (involuntary conversion).¹

If you swapped Oregon property for other Oregon property, Form OR-24 isn’t required. It also doesn’t apply to personal-use property such as your car or primary residence. Individuals, C corporations, S corporations, partnerships, trusts, and estates can all be subject to the filing requirement when the three conditions are met.

What You Need Before You Start

Form OR-24 pulls its core numbers from federal Form 8824 (Like-Kind Exchanges), so prepare that first. You’ll need three figures:

Realized gain or loss, from line 19 of Form 8824 (line 32 if you’re reporting multiple exchanges).
Recognized gain, from line 23 or line 36. This is the portion taxed immediately, usually because you received cash or non-like-kind property (“boot”) along with the replacement.
Deferred gain or loss, from line 24 or line 37. This is the amount Oregon wants to track going forward.

Pull together your closing statements, the qualified intermediary’s exchange documents, and property descriptions before you sit down with either form.²

Completing the Form Line by Line

The form is a single page: a header block and seven numbered lines.

Header

Enter your name (first, middle initial, last) or the entity name if you’re filing for a business. Add your Social Security number or federal employer identification number, your street address, city, state, and ZIP code, and the tax year the form covers.²

Lines 1 and 2: Property Descriptions

Line 1 is the address and description of the Oregon property you gave up. For real estate, include the street address and a brief description, such as “4-unit apartment building at 1234 SE Hawthorne Blvd, Portland, OR.” If there’s no street address, use something that identifies the property clearly, like a tax lot number or legal description.

Line 2 is the address and description of the replacement property you received. Because the form only applies when the replacement is out of state, this will be a non-Oregon address.

Lines 3 and 4: Transfer Dates

Line 3 is the date you transferred the Oregon property to the other party. Line 4 is the date you received the replacement property. These dates establish whether you met the federal exchange deadlines.

Lines 5, 6, and 7: The Gain Figures

Line 5 is the realized gain or loss from Form 8824 line 19 or line 32. Line 6 is the recognized (taxable) gain from line 23 or line 36. Line 7 is the deferred gain or loss from line 24 or line 37. Line 7 is the number Oregon tracks from year to year until a taxable disposition occurs.²

How and Where to File It

Form OR-24 is a schedule, not a standalone return. Attach it to the Oregon return that matches your entity:

Individuals: Form OR-40, OR-40-N, or OR-40-P.
C corporations: Form OR-20 or OR-20-INC.
S corporations: Form OR-20-S.
Partnerships: Form OR-65.
Trusts and estates: Form OR-41.

Check the “Form OR-24” box on your Oregon return so the Department of Revenue knows the schedule is included. If you don’t otherwise have an Oregon filing requirement, you can submit Form OR-24 through Revenue Online. You’ll need to have filed an Oregon return previously to create an account.¹

You can download the form (publication 101-734) and the instructions (101-734-1) from the forms section at oregon.gov/dor. Tax preparation software that handles Oregon returns will usually populate Form OR-24 automatically once you complete the federal 8824.

You File It Every Year Until You Sell

This is the part that catches people off guard. Form OR-24 isn’t a one-time filing. You file it with the Oregon return for the year of the exchange, and then again with every Oregon return in the following years until you dispose of the replacement property and report the gain or loss.¹

Say you trade an Oregon rental in 2025 for a rental in Nevada. You file Form OR-24 with your 2025 return and keep filing it with every Oregon return through 2030, 2035, or whenever you finally sell the Nevada property. In the later years the figures don’t change; the deferred gain on line 7 stays the same until the replacement property is sold or exchanged again. Skipping it in a later year can create compliance problems with the Department of Revenue.

When Oregon Actually Taxes the Deferred Gain

The deferred gain on line 7 becomes taxable to Oregon when you sell, exchange, or otherwise dispose of the replacement property. At that point the gain traces back to the Oregon property that originally generated it, and Oregon taxes it even though the replacement sits in another state. From Oregon’s perspective, the gain was earned on Oregon property and the exchange simply postponed the tax.

If you do another like-kind exchange with the replacement property, swapping the Nevada rental for one in Texas, the deferral continues and you keep filing Form OR-24 every year. The tracking chain doesn’t break until the gain is finally recognized in a transaction that isn’t tax-deferred.

Involuntary Conversions Under Section 1033

Form OR-24 also applies when Oregon business or investment property is involuntarily converted (destroyed by fire, condemned by the government, or lost through theft or seizure) and you use the insurance proceeds or condemnation award to buy replacement property outside Oregon. Under IRC Section 1033, the gain can be deferred as long as you purchase similar replacement property within two years after the close of the first tax year in which any part of the gain is realized.³

Gain is recognized only to the extent the amount you received exceeds what you paid for the replacement. If an Oregon warehouse is condemned and you receive $500,000, then spend $520,000 on a replacement warehouse in Washington, you have no recognized gain and the full deferred amount goes on line 7. If you spent only $450,000 on the replacement, $50,000 of gain is recognized immediately and goes on line 6. The annual filing rule works the same way as with a standard like-kind exchange: Form OR-24 goes in every year until the replacement property is disposed of and the deferred gain is finally reported to Oregon.

1
Oregon Department of Revenue. Form OR-24 Instructions – Oregon Like-Kind Exchanges/Involuntary Conversions
2
Oregon Department of Revenue. Form OR-24 – Oregon Like-Kind Exchanges/Involuntary Conversions
3
Office of the Law Revision Counsel. 26 USC 1033 – Involuntary Conversions