Oklahoma state tax return: Can capital gains included in Federal return from APPL and Facebook stocks be excluded from Oklahoma Income?

[sgeorge12]

While filing Oklahoma State tax, it pops up a screen about Capital Gains and Losses and lists Apple and Facebook as the choices that may qualify for exclusion from Oklahoma income.  Can I exclude capital gains from Oklahoma income for these stocks?  

[BMcCalpin]

No. The question pops up and lists every stock that you sold; only by chance were Apple and Facebook on your list. This capital gain exclusion is only for assets that are:

 1) Real or tangible personal property located within Oklahoma must be owned for at least five years prior to the date of sale.
 2) Stock or ownership in an Oklahoma company, or partnership, owned for at least two years prior to the date of sale.
 3) Sale of real property or personal property as part of the sale of assets in an Oklahoma company owned for at least two years prior to the date of sale.

In other words, it is a tax break for long-time Oklahoma investors in Oklahoma.

[sgeorge12]

Thanks.  So if I have to include capital gain in Oklahoma income, shouldn't capital losses be included in the income as well?

[sgeorge12]

Thanks.  So if I have to include capital gain in Oklahoma income, shouldn't capital losses be included in the income as well?

[BMcCalpin]

I would imagine that capital gains AND losses will carry automatically from the federal return.