I sold a rental property last year. I owned it more that 5 years. Does anyone know if rental properties are part of the "qualifying Oklahoma property" that is not subject to capital gains for state taxes?
I sold a rental property last year. I owned it more that 5 years. Does anyone know if rental properties are part of the "qualifying Oklahoma property" that is not subject to capital gains for state taxes?
When filling out the Oklahoma state portion of the taxes, if I check that it was a qualifying Oklahoma property, it wants a FEIN number (I don't have one) and asks for the name of a pass-through entity, the date the pass-through entity was created and dissolved. Would that be the date I bought and sold the rental property? Would the FEIN number be my social security number? Thanks again.
No, you should not need to enter any passthrough entity information. The same is true for the Federal ID number. You have the option to enter an ID number if you are a passthrough entity or the OK location of the property.
Assuming you have a capital gain from your federal entries in the "Wages and Income" section you can follow these steps.
Edit/Continue your OK state return
Continue through the residency questions and sale of Government Obligations page
Answer "No" to the Gains/Losses from Passthrough Entity question
Continue through to arrive at the page titled "Summary of Oklahoma Capital Gains and Losses"
Edit the "Land sale" item
Put in the Ok address for "Location"
Blank out the "Federal ID" box
Select the "Real Property within OK" option
Continue
Done
Continue (even though the page says you may be missing information)
Continue through the rest of the OK interview
In online versions you can view the OK tax summary with the steps below. In desktop versions use the forms mode to view the OK form 511.
The OK Adjusted Gross Income will reflect the subtraction of the land sale gain.
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