Schedule IN-153 Vermont Capital Gain Exclusion Calculation - Vermont

What Is Schedule IN-153?

This is a legal form that was released by the Vermont Department of Taxes - a government authority operating within Vermont. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule IN-153?
A: Schedule IN-153 is a form used by residents of Vermont to calculate the capital gain exclusion.

Q: What does the Vermont Capital Gain Exclusion refer to?
A: The Vermont Capital Gain Exclusion refers to the exclusion of certain capital gains from Vermont state income tax.

Q: Who needs to file Schedule IN-153?
A: Residents of Vermont who have incurred capital gains and meet certain eligibility criteria need to file Schedule IN-153.

Q: What is the purpose of Schedule IN-153?
A: The purpose of Schedule IN-153 is to determine the amount of capital gains that can be excluded from Vermont state income tax.

Q: How do I calculate the Vermont Capital Gain Exclusion?
A: You can calculate the Vermont Capital Gain Exclusion by completing Schedule IN-153 and following the instructions provided.

Q: Are all capital gains eligible for exclusion?
A: No, not all capital gains are eligible for exclusion. Certain criteria must be met, as outlined in the instructions of Schedule IN-153.

Q: When is the deadline to file Schedule IN-153?
A: The deadline to file Schedule IN-153 is typically the same as the deadline for filing Vermont state income tax returns.

Q: Is the Vermont Capital Gain Exclusion the same as the federal capital gain exclusion?
A: No, the Vermont Capital Gain Exclusion is specific to Vermont state income tax and may have different rules and limitations compared to the federal capital gain exclusion.

Q: Do I need to attach Schedule IN-153 to my federal tax return?
A: No, Schedule IN-153 is a state-specific form and should be filed separately with your Vermont state income tax return.