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Instructions for Schedule IN-153
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Instructions for Schedule IN-153 Vermont Capital Gains Exclusion Calculation - Vermont
This document contains official instructions for Schedule IN-153 , Vermont Capital Gains Exclusion Calculation - a form released and collected by the Vermont Department of Taxes.
FAQ
Q: What is Schedule IN-153?
A: Schedule IN-153 is a tax form used in Vermont to calculate the Capital Gains Exclusion.
Q: What is the Capital Gains Exclusion?
A: The Capital Gains Exclusion is a tax benefit that allows Vermont residents to exclude a portion of their capital gains from their taxable income.
Q: Who needs to fill out Schedule IN-153?
A: Vermont residents who have capital gains from the sale of certain investments or property need to fill out Schedule IN-153.
Q: What investments or property qualify for the Capital Gains Exclusion?
A: Investments or property that qualify for the Capital Gains Exclusion in Vermont include certain qualified small business stock, agricultural or forest land, and affordable housing.
Q: How do I calculate the Capital Gains Exclusion?
A: To calculate the Capital Gains Exclusion, you need to follow the instructions provided on Schedule IN-153, which include determining the eligible amount of capital gains and applying the exclusion percentage.
Q: When is the deadline to file Schedule IN-153?
A: The deadline to file Schedule IN-153 in Vermont is the same as the deadline for filing your Vermont income tax return, which is usually April 15th.
Q: Are there any other requirements or forms related to the Capital Gains Exclusion?
A: Yes, in addition to Schedule IN-153, you may need to complete other forms or meet certain requirements, such as holding the qualifying investments or property for a certain period of time.
Q: Can I claim the Capital Gains Exclusion if I am not a Vermont resident?
A: No, the Capital Gains Exclusion is only available to Vermont residents.
Q: What if I have further questions or need assistance with Schedule IN-153?
A: If you have further questions or need assistance with Schedule IN-153, you can contact the Vermont Department of Taxes or seek help from a tax professional.
Instruction Details:
- This 1-page document is available for download in PDF;
- Actual and applicable for this year;
- Complete, printable, and free.
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