This document contains official instructions for VT Form LGT-178 , Vermont Land Gains Tax Return - a form released and collected by the Vermont Department of Taxes. An up-to-date fillable VT Form LGT-178 is available for download through this link.
Q: What is VT Form LGT-178?
A: VT Form LGT-178 is the Vermont Land Gains Tax Return.
Q: Who needs to file VT Form LGT-178?
A: Any individual or entity who has realized a gain from the sale of Vermont real property needs to file VT Form LGT-178.
Q: What is the purpose of filing VT Form LGT-178?
A: The purpose of filing VT Form LGT-178 is to calculate and report the Vermont Land Gains Tax owed on the realized gain from the sale of Vermont real property.
Q: When is the deadline to file VT Form LGT-178?
A: VT Form LGT-178 must be filed by the due date of your Vermont personal income tax return, which is typically April 15th.
Q: Are there any exceptions or exemptions to the Vermont Land Gains Tax?
A: Yes, there are certain exceptions and exemptions to the Vermont Land Gains Tax. It is recommended to consult the instructions for VT Form LGT-178 or seek professional tax advice for more information.
Q: What supporting documentation do I need to include with VT Form LGT-178?
A: You may need to include a copy of the settlement statement, purchase and sale agreement, or other documentation that supports the gain or loss claimed on VT Form LGT-178.
Q: What happens if I don't file VT Form LGT-178?
A: Failure to file VT Form LGT-178 or underreporting the gain may result in penalties and interest being assessed by the Vermont Department of Taxes.
Instruction Details:
Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of forms released by the Vermont Department of Taxes.