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March 1, 2025
Question

Why is Tubotax forcing me to fill out form 561 for Oklahoma when I never sold any property in Oklahoma?

  • March 1, 2025
  • 1 reply
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My family sold some inherited land last year in a different state, and Turbotax is utterly convinced that I have to fill out paperwork for Oklahoma as a result. I don't understand this.

    1 reply

    March 7, 2025

    Do your have any qualifying gains receiving capital gain treatment that are included in your Federal adjusted gross income? 

    The transactions will transferred to Oklahoma form 561 Capital Gain Deduction for Residents  if you don't select This property does not qualify for deduction

     

     The qualifying gain must result from: 

    1. The sale of real or tangible personal property located within Oklahoma that has been owned for at least five uninterrupted years prior to the date of the transaction that gave rise to the capital gain

    2. The sale of stock or an ownership interest in an Oklahoma company, limited liability company, or partnership where such stock or ownership interest has been owned for at least two uninterrupted years prior to the date of the transaction that gave rise to the capital gain; or 

    3. The sale of real property, tangible personal property or intangible personal property located within Oklahoma.

     

     

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