VT Form PTT-172 Quick Reference Guide for Vermont Property Transfer Tax Return - Vermont

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Instructions for VT Form PTT-172 Property Transfer Tax Return - Vermont

This document contains official instructions for VT Form PTT-172 , Vermont Property Transfer Tax Return - a form released and collected by the Vermont Department of Taxes. An up-to-date fillable VT Form PTT-172 is available for download through this link.

FAQ

Q: What is Form PTT-172?
A: Form PTT-172 is the Vermont Property Transfer Tax Return used for reporting property transfers in Vermont.

Q: Who needs to file Form PTT-172?
A: Anyone involved in a property transfer in Vermont, including buyers, sellers, and their representatives, may need to file Form PTT-172.

Q: What is the purpose of the Vermont Property Transfer Tax?
A: The Vermont Property Transfer Tax is a tax imposed on the transfer of real property in Vermont. It helps fund the state's Land Conservation and Affordable Housing programs.

Q: What information is required on Form PTT-172?
A: Form PTT-172 requires information about the property transfer, including the names of the buyer and seller, the property address, and the purchase price.

Q: Are there any exemptions or exclusions from the Vermont Property Transfer Tax?
A: Yes, certain transfers may be exempt from the Vermont Property Transfer Tax, such as transfers between spouses, transfers to non-profit organizations, and transfers of agricultural land.

Q: When is Form PTT-172 due?
A: Form PTT-172 must be filed and the tax paid within 15 days of the transfer of the property, unless an extension is granted.

Q: What happens if I don't file Form PTT-172 or pay the Vermont Property Transfer Tax?
A: Failure to file Form PTT-172 or pay the Vermont Property Transfer Tax can result in penalties and interest being assessed by the Vermont Department of Taxes.