Oklahoma form 561 instructions 2026

1. Click ‘Get Form’ to open the Oklahoma Form 561 in the editor.
2. Begin by entering your name and Federal Identification Number as shown on your return at the top of the form.
3. In Section 1, list qualifying Oklahoma capital gains and losses. For each property, provide a description, location/address, acquisition date, sales price, and cost basis.
4. For lines 2 through 5, report any qualifying capital gains from installment sales or other sources as instructed. Ensure you enclose any required Federal forms.
5. Complete line 6 by adding amounts from Column F of line 1 and lines 2 through 5. Then proceed to calculate your net capital gain on line 8.
6. Finally, enter the smaller amount from lines 8 or 9 on line 10 for your Oklahoma Capital Gain Deduction.

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