Oklahoma non resident capital gains on sale of second homed

Forum|Forum|1 year ago
February 14, 2025
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I am a California resident. I sold a second home in Oklahoma that I've owned for 2 years. (inherited). Small capital gain of 5K. I am using Turbo Tax Premier desktop. I've completed my federal return, downloaded the Oklahoma download and completed the Oklahoma portion. I then completed the California return. The odd thing is that Turbo Tax shows no tax owed to Oklahoma. If I look at the Oklahoma Form 511NR I do see the Oklahoma source income listed correctly. I just don't understand why Turbo Tax shows no tax owed. I know it shouldn't be much by looking at the Oklahoma tax tables online, showing around $35 tax. Am I missing something or doing something wrong. Should I trust Turbo Tax and continue on with filing the Fed, Oklahoma and California returns?

smotonnAuthor

I solved my issue. Turbo Tax defaults to assume you owned and lived in your second home for two of the last five years before the sale. I checked the box showing I was not exempt from these taxes. The check box was buried under the edit button. Hope this helps someone.