Instructions for Form LGT-178 Vermont Land Gains Tax Return - Vermont

VT Form LGT-178 Vermont Land Gains Tax Return - Vermont

This document contains official instructions for Form LGT-178 , Vermont Land Gains Tax Return - a form released and collected by the Vermont Department of Taxes. An up-to-date fillable VT Form LGT-178 is available for download through this link.

FAQ

Q: What is Form LGT-178?
A: Form LGT-178 is the Vermont Land Gains Tax Return.

Q: Who is required to file Form LGT-178?
A: Any individual or entity who realizes a gain from the sale of Vermont property is required to file Form LGT-178.

Q: What is the purpose of Form LGT-178?
A: The purpose of Form LGT-178 is to report and pay the Vermont Land Gains Tax on any capital gains resulting from the sale of Vermont property.

Q: When is Form LGT-178 due?
A: Form LGT-178 is due on or before April 15th of the year following the sale of the Vermont property.

Q: What information is required on Form LGT-178?
A: Some of the information required on Form LGT-178 includes the taxpayer's contact information, details about the property sold, and calculation of the capital gains.

Q: Are there any exemptions or deductions available on Form LGT-178?
A: Yes, there are certain exemptions and deductions available for the Vermont Land Gains Tax. It's recommended to consult the instructions for Form LGT-178 or a tax professional for more information.

Q: What happens if I don't file Form LGT-178?
A: If you are required to file Form LGT-178 and fail to do so, you may be subject to penalties and interest on the unpaid tax amount.

Q: Can I e-file Form LGT-178?
A: No, as of now, electronic filing is not available for Form LGT-178. It must be filed by mail or in person.