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Common questions about Miscellaneous Information for Vermont in ProConnect Tax
by Intuit• Updated 11 months ago
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?
- From the Input Return tab, go to Income ⮕ Dispositions ⮕ Schedule D/4797/etc.
- Click Details for asset.
- Go to the Sale of Asset tab at the top of the input screen.
- Select the box labeled Qualifies for Vermont 40% capital gain exclusion.
To override the calculation:
- From the Input Return tab, go to Deductions ⮕ Depreciation.
- Click Details for asset.
- Go to the Disposition tab at the top of the input screen.
- Under the subsection Miscellaneous, enter the applicable number in Qualifies for Vermont 40% capital gain exclusion: 1=Yes, 2=No [O].