Oklahoma form 561

[JYA]

in 2019, I sold a rental property in the state of Oklahoma; TT is filling out form Oklahoma form 561 but requires an FEIN and a Pass-thru Entity name? This was a second house that I was renting out. I have no FEIN and there was no pass-thru involved. Leaving the fields blank will cause TT to fail the errors check.  Is TT incorrectly handling this situation?

[Criticaleye]

Did you get an answer for your issue? I am having the same thing. 

[JamesG1]

In the Oklahoma state income tax return, you will see the screen Summary of Oklahoma Capital Gains and Losses.

Click Edit to the right of the asset.

Then you will see the screen Oklahoma Capital Asset Location And Type.

Check the box This property does not qualify for exclusion to exclude the capital gain from the Oklahoma state income tax return.

General Information

Individual taxpayers can deduct qualifying gains receiving capital gain treatment that are included in Federal adjusted gross income. “Qualifying gains receiving capital treatment” means the amount of net capital gains, as defined under Internal Revenue Code Section 1222(11). 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 as part of the sale of all or substantially all of the assets of an Oklahoma company, limited liability company, or partnership or an Oklahoma proprietorship business enterprise where such property has been owned by such entity or business enterprise or owned by the owners of such entity or business enterprise for a period of at least two uninterrupted years prior to the date of the transaction that gave rise to the capital gain.

@Criticaleye 

[Criticaleye]

@JamesG1 thank you for the information.  I'm using Turbo Tax Home & Business on a Mac and do not see the summary you reference or the screenshots.  Please see attached screenshots maybe this will help.  I can delete the "Cap Gain Wks" from the form tab but I'm not sure that is correct either. I'm at a loss. Sale of Business PropertyDescription detailsCheck This Entry

Oklahoma Cap Gain Wks

[Criticaleye]

I completed the steps you indicate but the Cap Gain Wks under Form 561 continues to ask for "Name of pass-through entity and FEIN. I went back through the easy step wizard multiple times. at one step it says "Sale of Business Property" and says on your federal return you reported $##,### in capital gains (or losses) from the sale of business property. How much of this gain or loss was from the sale of qualifying Oklahoma property? Then it asks you to select the type of property sold and I select 3 - Real property within OK and click continue. The next screen "Oklahoma Property Descriptions" says that Oklahoma needs a little more information about the source of this Oklahoma income. For each source, select Add to add a description for Oklahoma. I entered the description of property and location of property but it will not let me go forward. It keeps flagging the capital gains worksheet saying it needs the pass through entity info: Name of passthrough entity or business, federal identification number or passthrough entity or business, if you sold your ownership in the passthrough entity or business, enter the date sold. After I finish the return it says "we found some errors" and takes me to the Check this Entry which are the Capital Gain Deduction Worksheet: Pass-Through Entity Name must be entered, then Capital Gain Deduction Worksheet: Federal ID Number must be entered, then Capital Gain Deduction Worksheet: Date Ownership Acquired must be entered. Please help!

[AbrahamT]

You had to put in the pass through entity name or business in that original input as well as the FEIN# number. Make sure all the info is filled out on that input like here

Make sure you fill out all the details as shown here. Then when you'll review the return again and get prompted to enter the information again, simply type it into the box provided. Make sure that number is the number that appears in the input. As in your case shown above Pass through Entity or Business, 

If you entered in the original input n/a like in my example, simply enter n/a here as well.

Handle it the same way with all the other prompts as well.

Thank you.