Real estate is formally called “real property” in Oregon law. Personal property is all property other than real estate, including tangible things you can touch such as your car, the contents of your pocket, and your lawn mower, as well as intangible things such as your bank account, or stocks and bonds.
“Property,” in Oregon law means both real property and personal property.
When someone purchases real estate, except in very limited circumstances, a 1099-S form has to be issued and filed with the IRS.
This is usually handled by a title company.
If the purchaser does not get title insurance, this is often missed.
Many people are worried by the Coronavirus/COVID 19 pandemic, and are limiting their social contacts, and abiding by guidelines for social distancing.
People are often anxious to avoid estate taxes when they pass on.
Federal estate taxes are no longer a problem for most people, since there is no federal estate tax unless the estate is over $11.2 million dollars.