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Vermont Capital Gains Exclusion in ProConnect

SOLVEDby IntuitUpdated July 10, 2023

Before you start:

Vermont normally calculates an exclusion of up to $5000 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 II. 

To generate the Vermont 40% percentage exclusion:

In Depreciation:

  1. From the Input Return tab, go to Income  Dispositions Schedule D/4797/etc.
  2. Click Details for the asset. 
  3. Go to the Sale of Asset 4797 tab at the top of the input screen. 
  4. Check the box Qualifies for Vermont 40% Capital Gain Exclusion.

To override the calculation:

  1. From the Input Return tab, go to Deductions  Depreciation
  2. Click Details for the asset. 
  3. Go to the Disposition tab at the top of the input screen. 
  4. Enter the applicable number in Qualifies for Vermont 40% capital gain exclusion:  1=Yes, 2=No [O].

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