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2013 CAPITAL GAINS EXCLUSION For additional information, contact: Department of Taxes pH: 18668282865 (toll-free in VT) 133 State Street pH: 18028282865 (local and outofstate) Montpelier, VT 056331401

How to fill out vt capital gains exclusion

Point by point instructions on how to fill out the VT capital gains exclusion:

1. Determine your eligibility: Before filling out the VT capital gains exclusion form, confirm whether you qualify for this exclusion. Generally, Vermont residents who have a federal adjusted gross income of $50,000 or less for single filers, or $100,000 or less for joint filers, may be eligible for the exclusion. Ensure that you meet these income requirements.
2. Gather the necessary documents: Collect all relevant documents such as your federal tax return, Vermont State tax return, and any other supporting documentation related to your capital gains. These documents will provide the necessary information to complete the exclusion form accurately.
3. Obtain the VT capital gains exclusion form: Visit the Vermont Department of Taxes website or reach out to their office to obtain the specific form for the capital gains exclusion. This form may be available for download or can be requested by mail.
4. Review the form instructions: Carefully read the instructions provided with the VT capital gains exclusion form. These instructions will help you understand the specific requirements, provide guidance on how to fill out each section, and highlight any additional documents that may be required.
5. Fill out the form: Begin completing the form, ensuring that you provide accurate information. Double-check your entries to avoid any errors or omissions. Some sections may require you to provide details about the type of capital gains earned and their corresponding amounts.
6. Attach supporting documentation: As instructed in the form, attach any required supporting documentation such as your federal tax return or any relevant schedules or statements. These documents will substantiate the information you provided on the form.
7. Review and sign: Once you have filled out the form and attached the necessary documentation, review the entire form again to ensure its accuracy. Sign the form where indicated, certifying that the information provided is true and accurate to the best of your knowledge.
8. Submit the form: Depending on the instructions provided, submit the completed form either electronically or by mail to the Vermont Department of Taxes. Be mindful of any deadlines mentioned for submission.

Who needs VT capital gains exclusion?

1. Vermont residents who have earned capital gains and meet the income requirements may need to consider applying for the VT capital gains exclusion. This exclusion offers an opportunity to exclude a portion of the capital gains earned from their taxable income, potentially reducing their overall tax liability.
2. Individuals or married couples filing jointly who have a federal adjusted gross income of $50,000 or less for single filers, or $100,000 or less for joint filers, may be eligible for the VT capital gains exclusion. It is essential to review the specific eligibility criteria and consult with a tax professional if needed to determine if this exclusion is applicable to their circumstances.

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What is vt capital gains exclusion?

Vermont capital gains exclusion allows taxpayers to exclude a portion of their capital gains from state income tax.

Who is required to file vt capital gains exclusion?

Residents of Vermont who have capital gains that qualify for the exclusion are required to file vt capital gains exclusion.

How to fill out vt capital gains exclusion?

To fill out vt capital gains exclusion, taxpayers need to complete and file Form IN-113, Vermont Capital Gains Exclusion.

What is the purpose of vt capital gains exclusion?

The purpose of vt capital gains exclusion is to provide tax relief to taxpayers by excluding a portion of their capital gains from state income tax.

What information must be reported on vt capital gains exclusion?

Taxpayers must report the amount of their capital gains that qualify for the exclusion, as well as any other required information on Form IN-113.