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Instructions for Schedule FIT-162
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Instructions for Schedule FIT-162 Vermont Capital Gains Exclusions for Estates or Trusts - Vermont
This document contains official instructions for Schedule FIT-162 , Vermont Capital Gains Exclusions 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 in Vermont that is used to report capital gains exclusions for estates or trusts.
Q: Who needs to file Schedule FIT-162?
A: Estate or trust entities in Vermont that have eligible capital gains to exclude need to file Schedule FIT-162.
Q: What are capital gains exclusions?
A: Capital gains exclusions are certain amounts of money earned from the sale of assets that are excluded from being subject to taxation.
Q: How do I complete Schedule FIT-162?
A: To complete Schedule FIT-162, you will need to report the details of the capital gains exclusions and calculate the total exclusion amount.
Q: When is the deadline for filing Schedule FIT-162?
A: The deadline for filing Schedule FIT-162 in Vermont is the same as the deadline for filing your income tax return, which is usually April 15th.
Q: Are there any penalties for not filing Schedule FIT-162?
A: Yes, if you are required to file Schedule FIT-162 and fail to do so, you may be subject to penalties and interest on any unpaid taxes.
Q: Do I need to attach any documents with Schedule FIT-162?
A: Yes, you may need to attach supporting documents such as a federal Schedule D, federal Form 1041, and Form 1099-B.
Instruction Details:
- This 1-page document is available for download in PDF;
- Actual and applicable for the current year;
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