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Vermont Capital Gains Exclusion in ProConnect Tax
by Intuit• Updated 3 weeks ago
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:
- From the Input Return tab, go to Income ⮕ Dispositions ⮕ Schedule D/4797/etc.
- Click Details for the asset.
- Go to the Sale of Asset 4797 tab at the top of the input screen.
- Check the box Qualifies for Vermont 40% Capital Gain Exclusion.
To override the calculation:
- From the Input Return tab, go to Deductions ⮕ Depreciation.
- Click Details for the asset.
- Go to the Disposition tab at the top of the input screen.
- Enter the applicable number in Qualifies for Vermont 40% capital gain exclusion: 1=Yes, 2=No [O].