Question

K1 capital gain on federal return shows up as a properety sale on Oklahoma return

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

No text available

TurboTax Home & Biz Windows

If this is not correct, you can go to forms mode and edit the type of property sold on form 561. There are 5 options for types of property (stock in an OK corporation, interest in an OK LLC or partnership, real property within OK, tangible personal property within OK, intangible personal property as part of an OK sale)

D

dj5

This property has nothing to do with Oklahoma and I should not have to pay Oklahoma tax on this long term capital gain. Oklahoma is of course saying I owe more taxes because it appears as an Oklahoma property. I tried everything possible to remove it from the Oklahoma return but it wouldn't let me do it. I had to get the return in ahead of deadline so had to send it as it was. I have used Turbo Tax for at least 30 years so am pretty familiar with it but this appeared to be a glitch in the software. It kept giving me the 5 options for types of property like the reply in the question below but I couldn't find a way to totally eliminate it from the Oklahoma return. How can I do an amended return when the problem appears to be in the software in the first place?

D

dj5

I did not see my subject title in the previous post so it doesn't make much sense without it.

Long term capital gain on a property in Texas and sold in Texas shows up on the Non Resident Oklahoma tax return and I could not get it eliminated from the Oklahoma return. 2018 tax year. Obviously Oklahoma thinks it was property in Oklahoma and says I owe more taxes. What to do to correct? Turbo Tax took the K1 capital gain from my Federal Return and put it on the Oklahoma return as though it was property sold in Oklahoma.