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Vermont Capital Gains Exclusion in Lacerte

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 Screen 17, Depreciation:

  1. Go to Screen 17.1, Dispositions.
  2. Select Form 4797 in the Section list of the Left Navigation Panel.
  3. 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:

  1. Go to Screen 22, Depreciation.
  2. Select Sale of Asset (4797/6252) in the Section list of the Left Navigation Panel.
  3. 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.

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