What the heck is a Form 561, and where am I supposed to find the appropriate information? I keep getting the same pages repeating for "Location" and "Date Acquired"

[Mike9241]

what state since form 561 is not a federal form?

[monregret]

Hi! It was for OK. 

[DMarkM1 · Accepted solution]

The OK form 561 is to claim a deduction from OK income of capital gains derived from the sale of property held for two or five years specifically:   

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.

If perhaps there was some capital gain due to a stock sale or property sale or a K-1 entry that shows a capital gain then in the OK state interview you would arrive at a page titled "Summary of OK Capital Gains and Losses."  

You would need to select edit next to any item listed with a gain and either select the checkbox indicating the property does not qualify to turn off the form 561 or enter a location for the property or a Federal Id number if it was an interest in an OK company sold and select a property type from the dropdown to complete the form 561 entries.  

[monregret]

Thank you very much for the information! Looking back over it, none of them were net gains, but in fact all were losses. I managed to figure out how to adjust the document after following your instructions! 

[pidough50]

How do you know if the company on the stock return is an Oklahoma company?

[LeticiaF1]

There are many websites where you can find out information about companies.  You can Google the company or go to sites like Yahoo Finance or MarketWatch.  

@pidough50