IN-153: Vermont Capital Gains Exclusion Calculation (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
Schedule IN-153 calculates your 2024 Vermont capital gains exclusion using the flat exclusion and, if you have eligible gains, the percentage exclusion. The final exclusion amount is entered on Schedule IN-112, and this schedule is included with Form IN-111.
Who files this form
Use 2024 Schedule IN-153 to calculate your Vermont capital gains exclusion. Include it with Form IN-111.
Complete Part II, the percentage exclusion calculation, only if you have eligible gains. Otherwise, continue to Part III. The form refers you to Technical Bulletin 60, Taxation of Gain on the Sale of Capital Assets, for more information about eligible gains.
What you'll need
Have these forms and amounts available:
- Federal Form 1040, Schedule D, Lines 15, 16, 18, and 19.
- Federal Form 4952, if you filed it, including Lines 4b, 4e, and 4g.
- Your federal taxable income for the calculation on Line 20.
- If completing Part II, adjusted net capital gain amounts separated by how long you held the assets and by the asset categories listed on Lines 13a through 13c.
- Schedule IN-112, where you enter the final exclusion, and Form IN-111, which must include Schedule IN-153.
Enter your name and Social Security number on Schedule IN-153.
How to file
- Include Schedule IN-153 with Form IN-111.
- Print in blue or black ink.
- Enter your final capital gains exclusion from Line 21 on Schedule IN-112, Part I, Line 8.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Do not enter a negative amount on Lines 8, 12, or 15. Each line says the entry cannot be less than zero.
- Use Part II only if you have eligible gains.
- If you filed federal Form 4952, complete Lines 5 through 7.
- Check the special instruction for Line 16. If no investment interest expense for ineligible assets was reported on federal Form 4952, enter Part I, Line 7. Otherwise, you may need to recompute Form 4952 to reflect only investment interest income for assets eligible for the exclusion.
- Remember to include Schedule IN-153 with Form IN-111 and transfer Line 21 to Schedule IN-112, Part I, Line 8.
Questions people ask
How much is the flat exclusion?
Line 9 is the smaller of the amount on Line 8 or $5,000. This amount is compared with the percentage exclusion in Part III and is subject to the final calculation there.
How is the percentage exclusion calculated?
After the adjustments in Part II, multiply Line 17 by 40%. On Line 18, enter that result or $350,000, whichever is less.
Which gains from assets held more than three years are subtracted in Part II?
Lines 13a through 13c list gains from real estate used as a primary or nonprimary home; depreciable personal property, except farm property or standing timber; and publicly traded or exchange-traded stocks or bonds, or any other financial instruments. These amounts are added and subtracted from Line 12 to calculate Line 15.
How do I calculate the final exclusion?
On Line 19, enter the greater of Line 9 or Line 18. On Line 20, multiply federal taxable income by 40%. Line 21 is the smaller of Lines 19 and 20. Enter that final amount on Schedule IN-112, Part I, Line 8.