oklahoma capital asset location and type

[msullivan_68]

When filing my OK tax return, I'm being asked to, either enter the Oklahoma location or the federal identification number (of the Oklahoma company) for the sell of my residence I sold.

What are my options for the "Oklahoma Location"?

Where would I find the federal identification number?

What type of property sold do I choose for this selection?

                    3-Real property within Oklahoma 

                     4-Tangible personal property within Oklahoma

[BillM223]

Are you filing a resident or nonresident return in Oklahoma?

[msullivan_68]

A resident return.

[BillM223]

Did you report the sale of your home on your federal return? Most people don't need to, if they didn't receive a 1099-S and they fall within the $250,000/$500,000 exclusion.

Not reporting the sale on the federal return would mean that Oklahoma would not know about it.

Also, did you own the home at least 5 years before you sold it? If so, gain on a real estate sale is not taxable anyway in Oklahoma.

[msullivan_68]

BillM223 said:

Did you report the sale of your home on your federal return? 

YES

Most people don't need to, if they didn't receive a 1099-S and they fall within the $250,000/$500,000 exclusion.

I DID NOT RECEIVE A 1099-S AND WE DO FALL WITHIN THE EXCLUSION AMOUNT.

I CAN REMOVE FROM THE FEDERAL RETURN.

Not reporting the sale on the federal return would mean that Oklahoma would not know about it.

I WILL REMOVE

Also, did you own the home at least 5 years before you sold it? If so, gain on a real estate sale is not taxable anyway in Oklahoma.

YES

[BillM223 · Accepted solution]

Yes, just go ahead and remove the sale from your federal return...it seems strange but if you didn't get a 1099-S or make a taxable gain, they really don't expect you to report it.

[xiaoyanwang]

I have a same issue. I am non-resident of Oklahoma state, and need to report tax return for the rental property income in Oklahoma city. 

I download turbo tax of Oklahoma state, and the software direct ports my Federal return into Oklahoma state return.  But  tools ask  me to fill Oklahoma Capital Asset Location and Type for the stock and EFT which  I sold in 2020.    I cannot fill in the Oklahoma location or Federal ID for these stocks, ETFs etc.  But tool keeps asking me to fill these information, otherwise, it won't file the state return for me.

Is it a bug of Turbotax?   How can I skip these requirements?

Thanks,

Sarah

[KeenanL]

2023 and I’m having the same issue. Nonresident of Oklahoma, just collecting rent from farm tenants.  All of my crypto capital gains/losses are listed on my Oklahoma return and it’s not giving me any way around it without Oklahoma location, federal ID#, and type of Oklahoma asset sold being accounted for.  Anyone find a solution? I’ve been on the phone w/ Turbotax all day and everyone scratched their heads about it except Ruby who got me a little closer, anyway.

[Jason612]

I have the exact same issue. Now I'm stuck on the OK tax return. OMG. How do you solve this problem? 

[Jason612]

Have you solve that?