Vermont Capital Gains Exclusion in ProConnect Tax

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].