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Oklahoma Free Printable 2021 Form 561-NR Oklahoma Capital Gain Deduction for Part Year and Nonresidents Filing Form 511NR for 2022 Oklahoma Capital Gain Deduction (for part-year and nonresidents filing Form 511NR)

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Capital Gain Deduction (for part-year and nonresidents filing Form 511NR)
2021 Form 561-NR Oklahoma Capital Gain Deduction for Part Year and Nonresidents Filing Form 511NR

State of Oklahoma for Part-Year and Nonresidents Filing Form 511NR (Qualifying Assets Held for the Applicable 2 or 5 Year Period) 561-NR FORM Oklahoma Capital Gain Deduction 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 C. Date Sold D. Proceeds E. Cost or Acquired or Disposed (Sales Price) Other Basis minus (mm/dd/yy) (mm/dd/yy) (See instructions) Federal Amount Adjustments to F. Gain or (Loss) Gain or Loss Oklahoma Amount G. Gain or (Loss) A3. Type of property sold: (see instructions) A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: B. Date C. Date Sold D. Proceeds E. Cost or Acquired or Disposed (Sales Price) Other Basis minus (mm/dd/yy) (mm/dd/yy) (See instructions) Federal Amount Adjustments to F. Gain or (Loss) Gain or Loss Oklahoma Amount G. Gain or (Loss) A3. Type of property sold: (see instructions) A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: B. Date C. Date Sold D. Proceeds E. Cost or Acquired or Disposed (Sales Price) Other Basis minus (mm/dd/yy) (mm/dd/yy) (See instructions) Federal Amount Adjustments to F. Gain or (Loss) Gain or Loss 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 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 4. Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11, not included on lines 2 and 3 above. (Provide a copy of the applicable Federal form[s].) Type of property sold (See instructions)............... ...... 4 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 Columns F and G 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. Net capital gain. (See instructions) (If zero or less, enter “0”.) .......................................................... 9 10. Oklahoma Capital Gain Deduction. Enter the smaller of lines 8 or 9. (Do not enter less than zero.).... 10 Provide Federal Form 1040, Schedule D and Form(s) 8949. Oklahoma Amount G. Gain or (Loss) 2 0 2 1 2021 Form 561-NR - Page 2 Oklahoma Capital Gain Deduction for Part-Year and Nonresidents Filing Form 511NR 68 Oklahoma Statute (OS) Sec. 2358 and Rule 710:50-15-48 Worksheet - (Provide with Form 561-NR) Social Security Number Name(s) as Shown on Return Form 561-NR 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:_______________________________________________ General Information Individual taxpayers can deduct qualifying gains receiving capital gain treatment that 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 the 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. 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 (PTE) is eligible for the Oklahoma capital gain deduction, provided the individual has been a member of the PTE for an uninterrupted period of the applicable two or five years and the PTE 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 PTE 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 PTE the capital gain/loss from the PTE that 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 that are derived from installment sales are eligible for exclusion, provided the appropriate holding periods are met. 2021 Form 561-NR - Page 3 Oklahoma Capital Gain Deduction for Part-Year and Nonresidents Filing Form 511NR 68 OS Sec. 2358 and Rule 710:50-15-48 Specific Instructions Lines 1-5: Type of Property Sold Enter the number in the box that 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 from Form 1099B. In Column B, enter the date the property was acquired. If you entered “VARIOUS” or “INHERITED” on 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-NR lines 2 through 5. In Column G enter the qualifying Oklahoma capital gains and losses reported in Column F that were sourced to Oklahoma on Form 511NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. Line 2: Column F: 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. Column G: Enter the capital gain from an installment sale of eligible property reported in Column F that was sourced to Oklahoma on Form 511-NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. Line 3: Column F: Enter the qualifying Oklahoma net capital gain from the Federal Form 4797 that was reported on Federal Schedule D. 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. Column G: Enter the other qualifying Oklahoma capital gain from Federal Form 4797 reported in Column F that was sourced to Oklahoma on Form 511-NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. Line 4: Column F: 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. Column G: Enter the other qualifying Oklahoma capital gains reported in Column F that were sourced to Oklahoma on Form 511-NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. Line 5: Column F: 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. Column G: Enter the qualifying Oklahoma net capital gain or loss from flow-through entities reported in Column F that was sourced to Oklahoma on Form 511-NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. 2021 Form 561-NR - Page 4 Oklahoma Capital Gain Deduction for Part-Year and Nonresidents Filing Form 511NR 68 OS Sec. 2358 and Rule 710:50-15-48 Specific Instructions - continued Line 7: Column F: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return. Column G: Enter the qualifying Oklahoma capital loss carryover reported in Column F that was sourced to Oklahoma on Form 511-NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. Line 9: Column F: The Oklahoma capital gain deduction, in the “Federal Amount” column, may not exceed the net capital gain included in Federal adjusted gross income. The term “net capital gain” means the excess of the net long-term capital gains for the taxable year over the net short-term capital loss for such year. If a capital loss, enter “0”. Column G: The Oklahoma capital gain deduction, in the “Oklahoma Amount” column, may not exceed the portion of the net capital gain sourced to Oklahoma. This is the net capital gain from Form 511-NR, Schedule 511-NR-1, line 9 “Oklahoma Amount” column. If there is no net capital gain, enter “0”. NOTE: The net capital gain must be decreased for any capital gain or increased for any capital loss from the sale of state and municipal bonds exempt from Oklahoma income tax. Line 10: Column F: Compare lines 8 and 9. Enter the smaller amount here and on Form 511-NR, Schedule 511-NR-B, line 13 “Federal Amount” column. Column G: Compare lines 8 and 9. Enter the smaller amount here and on Form 511-NR, Schedule 511-NR-B, line 13 “Oklahoma Amount” column.
Extracted from PDF file 2021-oklahoma-form-561nr.pdf, last modified December 2007

More about the Oklahoma Form 561NR Individual Income Tax Nonresident TY 2021

We last updated the Capital Gain Deduction (for part-year and nonresidents filing Form 511NR) in January 2022, so this is the latest version of Form 561NR, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form 561NR directly from TaxFormFinder. You can print other Oklahoma tax forms here.

Other Oklahoma Individual Income Tax Forms:

TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 511 Individual Resident Income Tax Return
Form 511NR Individual Nonresident/Part-Year Income Tax Return
Form OW-8-ES Estimated Tax Declaration for Individuals
Form 511-V Oklahoma Individual Income Tax Payment Voucher
511-Pckt Individual Resident Income Tax Return Packet (instructions, forms and tables)

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 561NR from the Tax Commission in January 2022.

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Form 561NR is an Oklahoma Individual Income Tax form. Many states have separate versions of their tax returns for nonresidents or part-year residents - that is, people who earn taxable income in that state live in a different state, or who live in the state for only a portion of the year. These nonresident returns allow taxpayers to specify which which income is subject to the state's taxes, and which is not.

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 561NR

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


2021 Form 561NR

2021 Form 561-NR Oklahoma Capital Gain Deduction for Part Year and Nonresidents Filing Form 511NR

2020 Form 561NR

2020 Form 561NR


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