Instructions for Schedule FIT-162 Capital Gains Exclusion Calculation for Estates or Trusts - Vermont

This document contains official instructions for Schedule FIT-162 , Capital Gains Exclusion Calculation for Estates or Trusts - a form released and collected by the Vermont Department of Taxes.

FAQ

Q: What is Schedule FIT-162?
A: Schedule FIT-162 is a tax form used by estates or trusts in Vermont to calculate the capital gains exclusion.

Q: Who needs to file Schedule FIT-162?
A: Estates or trusts in Vermont that have capital gains need to file Schedule FIT-162.

Q: What is the purpose of Schedule FIT-162?
A: The purpose of Schedule FIT-162 is to calculate the amount of capital gains that can be excluded from taxable income for estates or trusts.

Q: What is a capital gains exclusion?
A: A capital gains exclusion allows certain gains from the sale or exchange of assets to be excluded from taxable income.

Q: How do I fill out Schedule FIT-162?
A: You need to provide information about the estate or trust, as well as details about the capital gains and any other required supporting documentation.

Q: When is the deadline to file Schedule FIT-162?
A: The deadline to file Schedule FIT-162 for estates or trusts in Vermont is the same as the deadline for filing the estate or trust income tax return, which is April 15th.

Q: Are there any special requirements for Schedule FIT-162?
A: Yes, estates or trusts need to meet certain criteria to be eligible for the capital gains exclusion, so it's important to carefully review the instructions and requirements.

Q: What happens if I don't file Schedule FIT-162?
A: If you are required to file Schedule FIT-162 and fail to do so, you may face penalties and interest on any unpaid tax owed.

Q: Can I e-file Schedule FIT-162?
A: Yes, you can e-file Schedule FIT-162 if you are filing your estate or trust income tax return electronically.