Instructions for Schedule LGT-179 Vermont Land Gains Schedules - Vermont

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This document contains official instructions for Schedule LGT-179 , Vermont Land Gains Schedules - a form released and collected by the Vermont Department of Taxes.

FAQ

Q: What is Schedule LGT-179?
A: Schedule LGT-179 is the Vermont Land Gains Schedule.

Q: What is the purpose of the Vermont Land Gains Schedule?
A: The purpose of the Vermont Land Gains Schedule is to report any taxable gains from the sale or transfer of Vermont real estate.

Q: Who needs to file Schedule LGT-179?
A: Anyone who has realized a gain from the sale or transfer of Vermont real estate needs to file Schedule LGT-179.

Q: When is the deadline to file Schedule LGT-179?
A: The deadline to file Schedule LGT-179 is April 15th of the year following the year in which the sale or transfer took place.

Q: Are there any exemptions or deductions available on Schedule LGT-179?
A: Yes, there are certain exemptions and deductions available on Schedule LGT-179. It is recommended to consult the instructions or a tax professional for specific details.

Q: What happens if I don't file Schedule LGT-179?
A: If you fail to file Schedule LGT-179 or report taxable gains from the sale or transfer of Vermont real estate, you may be subject to penalties and interest.

Q: Can I file Schedule LGT-179 electronically?
A: Yes, you can file Schedule LGT-179 electronically if you are using an approved tax preparation software or service.

Q: Can I file Schedule LGT-179 if I'm not a Vermont resident?
A: If you are not a Vermont resident but have realized a gain from the sale or transfer of Vermont real estate, you may still need to file Schedule LGT-179. It is recommended to consult the instructions or a tax professional for specific details.

Q: Is Schedule LGT-179 the only form I need to report land gains in Vermont?
A: Schedule LGT-179 is the primary form for reporting land gains in Vermont, but there may be additional forms or requirements depending on your specific situation. It is recommended to consult the instructions or a tax professional for specific details.

Instruction Details:

This 3-page document is available for download in PDF;
Actual and applicable for the current year;
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