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Get your taxes done using TurboTax
It doesn't matter what it's worth now. What matters is how much you sold it for, and how much the person who gave it to you paid for it. Your taxable profit is the difference between those two numbers. It's a long-term capital gain, so the federal tax rate will be lower than the rate for ordinary income.
Since Alaska has no state income tax, you don't have to worry about Alaska tax. The profit will be included in the taxable income on your Oklahoma tax return.
‎August 14, 2022
4:25 PM