Please note - I have researched this. I have reviewed the instructions for the Oklahoma 511NR and 561NR. I have also researched the Oklahoma Capital Gain Exclusion. There is some conflicting information on whether the below qualifies as a capital gain or ordinary income. I would appreciate those familiar with Oklahoma to chime in.
I have an Oklahoma non-resident (full year New Jersey), MFJ. They purchased a home in Oklahoma in 2005 and rented it throughout the years, not continuously. They sold that property in 2021. There was a gain on the sale of the rental that was partially offset by passive loss carryover. There was also a gain on the sale of the land. Total combined gain amounted to $80K. In completing the Oklahoma 511NR, I noted the entire gain is being brought to zero due to Oklahoma Capital Gain Exclusion. Just making sure this is correct and ask those familiar with Oklahoma to provide some input. Thank you.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.