Oklahoma Form 561: what is sale of stock capital gains Federal ID number?

[KenMH]

Which Federal ID Number? Is this the brokerage ID number? Or other number?

[DMarkM1]

Box A2 on the OK form 561 is used to identify, if applicable, an OK property, company or partnership that you had an interest in (like stock) in that was sold for a gain.

The OK form 561 is used to report sale of OK property or interest (such as stock) in a OK property, company, partnership that resulted in a capital gain.  You can get a deduction from those OK capital gains on your OK taxes using the form 561. 

Here are the form 561 instructions for more information.

[KenMH]

I understand the exemption is for only OK property or an OK company stock. Other securities sales do not qualify. As such, I need to remove the items included by TurboTax from my federal form.

[DMarkM1]

Yes, you are claiming a deduction on your Ok state taxes for any gains attributed to the sale of OK property or interest in an OK property/company that you paid taxes on at the Federal level. 

To identify that property in box A2 enter either the Oklahoma location/address of the real or tangible personal property sold or the Federal Identification Number of the company, limited liability company or partnership whose stock or ownership interest was sold.  

[T_lopez]

I'm having an issue filing state. I sold some cryptocurrency (Dogecoin) on Robinhood, and for some reason it is having me fill out a 561 form with Federal ID number or OK location. I'm confused when it says sale of property when it is a crypto?

[MarilynG1]

Yes, sale of crypto is considered an Investment sale of 'other property' (meaning not stocks, bonds, mutual funds, etc.).

You could enter your address as Oklahoma location (since it was sold by you personally and you are not a corporation, partnership or LLC). 

However, this tax break for OK Capital Gains only applies to personal property if it was owned five years prior to the sale, so it may not apply to you, plus crypto would not be considered 'tangible personal property'.

In that case, in the Oklahoma interview there is a page after Adjustments to Federal Income to list "how much of the gain (or loss) was from the sale of qualifying Oklahoma property?" Then you list Oklahoma Income as $0. 

Here's more info on Oklahoma Form 561 (page 3).

@T_lopez