Common questions about Miscellaneous Information for Vermont in Lacerte

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].