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 Screen 17, Depreciation:
- Go to Screen 17.1, Dispositions.
- Select Form 4797 in the Section list of the Left Navigation Panel.
- Check the box 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:
- Go to Screen 22, Depreciation.
- Select Sale of Asset (4797/6252) in the Section list of the Left Navigation Panel.
- Enter the applicable number in Qualifies for Vermont 40% capital gain exclusion: 1=Yes, 2=No [O].
See Screen 57.361 for additional Vermont Capital Gains Exclusion Overrides.