Instructions for VT Form LGT-181 Land Gains Basis Calculation Foreclosure Property - Vermont

VT Form LGT-181 Land Gains Basis Calculation Foreclosure Property - Vermont

This document contains official instructions for VT Form LGT-181 , Land Gains Basis Calculation Foreclosure Property - a form released and collected by the Vermont Department of Taxes. An up-to-date fillable VT Form LGT-181 is available for download through this link.

FAQ

Q: What is Form LGT-181?A: Form LGT-181 is a document used in Vermont for land gains basis calculation for foreclosure properties.

Q: Who needs to fill out Form LGT-181?A: Anyone who has acquired foreclosure property in Vermont and wants to calculate their land gains basis needs to fill out Form LGT-181.

Q: What is land gains basis?A: Land gains basis is the original purchase price of the property, adjusted for certain factors such as improvements and depreciation.

Q: What information do I need to complete Form LGT-181?A: You will need information about the foreclosure property, including the date of acquisition, purchase price, and any improvements made.

Q: Are there any filing deadlines for Form LGT-181?A: Yes, Form LGT-181 must be filed with the Vermont Department of Taxes within 30 days after the foreclosure property is acquired.

Q: What happens after I submit Form LGT-181?A: After submitting Form LGT-181, the Vermont Department of Taxes will review the information and determine the land gains basis for the foreclosure property.

Q: Are there any penalties for not filing Form LGT-181?A: Yes, failure to file Form LGT-181 or filing it late may result in penalties imposed by the Vermont Department of Taxes.

Q: Can I amend my Form LGT-181 if I make a mistake?A: Yes, if you make a mistake on your Form LGT-181, you can file an amended form to correct the error.