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Oklahoma Free Printable  for 2020 Oklahoma Capital Gain Deduction (for residents filing Form 511)

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Capital Gain Deduction (for residents filing Form 511)
Form 561

State of Oklahoma Oklahoma Capital Gain Deduction for Residents Filing Form 511 FORM 561 (Qualifying Assets Held for the Applicable 2 or 5 Year Period) Social Security Number Name(s) as Shown on Return 1. List qualifying Oklahoma capital gains and losses, not included on lines 2 through 5 below. A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: B. Date Acquired (mm/dd/yy) C. Date Sold or Disposed (mm/dd/yy) D. Proceeds (Sales Price) E. Cost or Other Basis minus Adjustments to Gain or Loss F. Gain or (Loss) Combine Columns (D) and (E) B. Date Acquired (mm/dd/yy) C. Date Sold or Disposed (mm/dd/yy) D. Proceeds (Sales Price) E. Cost or Other Basis minus Adjustments to Gain or Loss F. Gain or (Loss) Combine Columns (D) and (E) B. Date Acquired (mm/dd/yy) C. Date Sold or Disposed (mm/dd/yy) D. Proceeds (Sales Price) E. Cost or Other Basis minus Adjustments to Gain or Loss F. Gain or (Loss) Combine Columns (D) and (E) (See instructions) A3. Type of property sold: (see instructions) A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: (See instructions) A3. Type of property sold: (see instructions) A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: (See instructions) A3. Type of property sold: (see instructions) 2. Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D, line 11. (Provide a copy of Federal Form 6252) Type of property sold (See instructions)............. ....... 2 4. Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11, not included in lines 2 and 3 above. (Provide a copy of the applicable Federal form[s]) Type of property sold (See instructions)............. ....... 4 3. Qualifying Oklahoma net capital gain from sale of business property reported on Federal Schedule D, line 11. (Provide a copy of Federal Form 4797) (If gain/loss is from a Federal K-1, complete the worksheet on page 2 and provide a copy of the Federal Schedule K-1) Type of property sold (See instructions)............. ....... 3 5. Qualifying Oklahoma net capital gain or (loss) from partnerships, S corporations, estates or trusts reported on Federal Schedule D, line 12. (Complete the worksheet on page 2 and provide a copy of the Federal Schedule K-1) Type of property sold (See instructions)............. ....... 5 6. Add amounts in Column F on line 1 and lines 2 through 5........................................................................... 6 7. Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 14 (See instructions) ......................................................................................................................................... 7 8. Qualifying Oklahoma net capital gain. Subtract line 7 from line 6 (If zero or less, enter “0”)............................................................................................................................... 8 9. Oklahoma net capital gain included in Federal adjusted gross income. See instructions and worksheet. (If zero or less, enter “0”).......................................................................... 9 10. Oklahoma Capital Gain Deduction. Enter the smaller of lines 8 or 9 here and on Form 511, Schedule 511-A, line 12. (Do not enter less than zero)................................................................................ 10 Provide Federal Form 1040, Schedule D and Form(s) 8949 2 0 1 9 2019 Form 561 - Page 2 Oklahoma Capital Gain Deduction for Residents Filing Form 511 68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48 Worksheets - (Provide with Form 561) Social Security Number Name(s) as Shown on Return Form 561 Worksheet for (check one): Line 3 or Line 5 Complete a separate worksheet for each piece of property sold. Provide a copy of the Federal Schedule K-1. Name of pass-through entity:_________________________________________ FEIN: _______________________ Description of property sold:_______________________________________________________________________ Location of property:_____________________________________________________________________________ Date acquired:_______________________________________ Date sold:___________________________________ Date(s) you acquired ownership in the pass-through entity:_______________________________________________ Form 561 Worksheet for Line 9 Refer to the instructions for Form 511, line 4 and Form 511, Schedule 511-B, line 2 to determine what gains and losses are considered “out-of-state”. (Generally, sale of an intangible, such as stock, is not considered out-of-state.) A Net Short-Term Capital Gain (or loss) from Federal Schedule D, line 7 B Add Out-of-State Capital Losses included in line A above + C Subtract Out-of-State Capital Gains included in line A above - D Net Oklahoma Short-Term Capital Loss (if greater than zero, enter “0”) E Net Long-Term Capital Gain (or loss) from Federal Schedule D, line 15 F Add Out-of-State Capital Losses included in line E above + G Subtract Out-of-State Capital Gains included in line E above - H Net Oklahoma Long-Term Capital Gains (if less than zero, enter “0”) I Oklahoma Net Capital Gain - Enter on the front of form on line 9 (combine lines H and D) (if less than zero, enter “0”) NOTE: For U.S. Government and municipal bonds, which are exempt from Oklahoma tax, include any capital gain on the Out-of-State Capital Gains line (Line C or G) and any capital loss on the Out-of-State Capital Losses line (Line B or F). General Information Individual taxpayers can deduct qualifying gains receiving capital gain treatment which 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; 2019 Form 561 - Page 3 Oklahoma Capital Gain Deduction for Residents Filing Form 511 68 OS Sec. 2358 and Rule 710:50-15-48 General Information - continued 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. An Oklahoma company, limited liability company, partnership or proprietorship business enterprise is an entity whose primary headquarters has been located in Oklahoma for at least three uninterrupted years prior to the date of sale. A capital loss carryover from qualified property reduces the current year gains from eligible property. Pass-through entities... Capital gain from qualifying property, as described above, held by a pass-through entity is eligible for the Oklahoma capital gain deduction, provided the individual has been a member of the pass-through entity for an uninterrupted period of the applicable two or five years and the pass-through entity has held the asset for not less than the applicable two or five uninterrupted years prior to the date of the transaction that created the capital gain. The type of asset sold, as shown in 1-3 above, determines whether the applicable number of uninterrupted years is two or five. The pass-through entity must provide supplemental information to the individual identifying the pass-through of qualifying capital gains. NOTE: If you are a member, either directly or indirectly, of an electing pass-through entity (PTE) the capital gain/loss from the PTE which is covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019 is not entered on this form to compute your Oklahoma Capital Gain Deduction. The gain/loss will be entered on the PTE’s Oklahoma Capital Gain Deduction form, Form 561-PTE. Installment sales... Qualifying gains included in an individual taxpayer’s Federal adjusted gross income for the current year which are derived from installment sales are eligible for exclusion, provided the appropriate holding periods are met. Specific Instructions Lines 1-5: Type of Property Sold Enter the number in the box which corresponds to the type of property sold: 1. The sale of stock in a qualified Oklahoma corporation. 2. The sale of an ownership interest in a qualified Oklahoma company, limited liability company, or partnership. 3. The sale of qualified real property located within Oklahoma. 4. The sale of qualified tangible personal property located within Oklahoma. 5. The sale of qualified 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. 99. For lines 2-5, enter a 99 if the net gain/loss is from the sale of more than one type of property. Line 1: List qualifying Oklahoma capital gains and losses from Federal Form(s) 8949, Part II or from Federal Schedule D, line 8a. Provide a copy of Form(s) 1099-B if the qualifying Oklahoma capital gain or loss is reported on Federal Schedule D, line 8a. In Column A, line A1 enter the description of the property as shown on Federal Form 8949, Column a or on Form 1099-B. On line A2 enter either the Oklahoma location/address of the real or tangible personal property sold or the Federal Identification Number of the company, limited liability company or partnership whose stock or ownership interest was sold. Complete Columns B through E using the information from Federal Form 8949, Columns b through g or on Form 1099-B. In Column B, enter the date the property was acquired. If you entered “VARIOUS” or “INHERITED” from your federal form, enter the date you actually acquired the property. For Column F combine Columns D and E. Do not include gains and losses reported on Form 561 lines 2 through 5. Line 2: If Federal Form 6252 was used to report the installment method for gain on the sale of eligible property on the Federal return, compute the capital gain deduction using the current year’s taxable portion of the installment payment. Provide Federal Form 6252. Capital gain from an installment sale is eligible for the Oklahoma capital gain deduction provided the property was held for the appropriate holding period as of the date sold. Line 3: Enter the qualifying Oklahoma net capital gain, reported on Federal Schedule D, from the Federal Form 4797. Provide a copy of the Federal Form 4797. If reporting a gain/loss from a Federal Schedule K-1, complete the worksheet on page 2 and provide a copy of the Federal Schedule K-1. Line 4: Enter other qualifying Oklahoma capital gains reported on Federal Schedule D, line 11. Provide the applicable Federal form(s). If not shown on the Federal form, provide a schedule identifying the type and location of the property sold, the date of the sale, and the date the property was acquired. Line 5: Enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, trusts and estates. Complete the worksheet on page 2 and provide a copy of the Federal Schedule K-1. Line 7: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return. Line 9: The Oklahoma capital gain deduction may not exceed the Oklahoma net capital gain included in Federal adjusted gross income. To determine the Oklahoma net capital gain, complete the worksheet on page 2.
Extracted from PDF file 2019-oklahoma-form-561.pdf, last modified December 2007

More about the Oklahoma Form 561 Individual Income Tax TY 2019

We last updated the Capital Gain Deduction (for residents filing Form 511) in February 2020, so this is the latest version of Form 561, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 561 directly from TaxFormFinder. You can print other Oklahoma tax forms here.

Related Oklahoma Individual Income Tax Forms:

TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Oklahoma Form 561.

Form Code Form Name
Form 561C Capital Gain Deduction (for corporations filing Form 512)
Form 561NR Capital Gain Deduction (for part-year and nonresidents filing Form 511NR)
Form 561S Capital Gain Deduction
Form 561P Capital Gain Deduction (for nonresident partner included in Composite Return - Form 514, Part 1)

Download all OK tax forms View all 55 Oklahoma Income Tax Forms


Form Sources:

Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 561 from the Tax Commission in February 2020.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Oklahoma Form 561

We have a total of eight past-year versions of Form 561 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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