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Common questions about Miscellaneous Information for Vermont in Lacerte

SOLVEDby IntuitLacerte Tax1Updated July 27, 2021

Below, you'll find frequently asked questions about Miscellaneous Information for Vermont returns.

How do you calculate a percentage exclusion for long-term capital gains on Form IN-153, Page 2, Part III?

Vermont normally calculates an exclusion of up to $5,000 for long-term capital gains. Certain Vermont capital gains are eligible for a 40% exclusion. This amount is calculated on the IN-153, Page 2, Part III. 

How do you generate the Vermont 40% exclusion?

  1. Go to Screen 17, Dispositions.
  2. Scroll to section Form 4797.
  3. Select the box labeled Qualifies for Vermont 40% capital gain exclusion.

Lacerte automatically calculates the exclusion for dispositions of Eligible Property entered in Screen 22, Depreciation.

To override the calculation:

  1. Go to Screen 22, Depreciation.
  2. Scroll to the section Sale of Asset (4797/6252).
  3. Under the subsection Miscellaenous, enter the applicable number in Qualifies for Vermont 40% capital gain exclusion: 1=Yes, 2=No [O].

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