Form Lg-2 - Vermont Land Gains Tax Return Form - 2005

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VERMONT LAND GAINS TAX RETURN
TO BE COMPLETED BY SELLER (TRANSFEROR)
VERMONT DEPARTMENT OF TAXES, MONTPELIER, VERMONT 05633
PLEASE TYPE OR PRINT CLEARLY
SOCIAL SECURITY NO.(S) OR
COMPLETE MAILING ADDRESS FOLLOWING TRANSFER
1. SELLER'S (TRANSFEROR'S) NAME(S)
FEDERAL IDENTIFICATION NO.
SOCIAL SECURITY NO.(S) OR
2. BUYER'S (TRANSFEREE'S) NAME(S)
COMPLETE MAILING ADDRESS FOLLOWING TRANSFER
FEDERAL IDENTIFICATION NO.
3. INTEREST IN PROPERTY
FEE SIMPLE
UNDIVIDED _______ INTEREST
LEASE
OTHER _____________________
UNDIVIDED 1/2 INTEREST
TIMESHARE
EASEMENT
RESALE OF OPTION
4a. PROPERTY LOCATION (ADDRESS IN FULL)
4b. NO. OF ACRES OR NO. OF SQUARE FT.
5. TYPE OF PROPERTY
8. HOLDING PERIOD
6. EXEMPTIONS
7. HOW ACQUIRED
a. LAND
a. DATE ACQUIRED
a.
PURCHASER'S PRINCIPAL RESIDENCE EXEMPTION*
1. OPEN
1.
PURCHASE
b.
BUILDER'S EXEMPTION*
2. TIMBER/TIMBER RIGHTS
c.
AGRICULTURAL EXEMPTION*
1.
OR
2.
2.
INHERITANCE
b. DATE SOLD
b. BUILDINGS & LAND
d.
SELLER'S PRINCIPAL RESIDENCE EXEMPTION
3.
GIFT
1. RESIDENTIAL
e.
AFFORDABLE HOUSING*
c. TIME HELD
4.
OTHER
2. COMMERCIAL
f.
OTHER
3. CAMP OR VACATION
*THESE EXEMPTIONS DO NOT APPLY UNLESS CLAIMED BY
4. RENTAL
BUYER ON VERMONT LAND GAINS WITHHOLDING TAX RETURN.
9.
9. TOTAL SELLING PRICE: (LESS PERSONAL PROPERTY) - LAND & BUILDINGS ONLY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10a.
10. LESS SELLING EXPENSES: (a) LEGAL FEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b.
(b) SALES COMMISSIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c.
(c) ADVERTISING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d.
(d) OTHER (PLEASE LIST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
(e) TOTAL SELLING EXPENSE: ADD LINES 10(a) - (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
11. ADJUSTED SELLING PRICE: SUBTRACT LINE 10 FROM LINE 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12a.
12. COST OF LAND:
(a) COST OF LAND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b.
(b) COST OF LAND IMPROVEMENTS (ATTACH LIST) . . . . . . . . . . . . . . . . . .
c.
(c) TRANSFER TAX (AT PURCHASE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d.
(d) LEGAL FEES (AT PURCHASE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
e.
(e) OTHER (ATTACH LIST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
(f) TOTAL: ADD LINES 12(a) - (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13a.
13. COST OF STRUCTURES:
(a) COST OF STRUCTURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b.
(b) OTHER (ATTACH LIST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c.
(c) OTHER (ATTACH LIST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d.
(d) OTHER (ATTACH LIST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
(e) TOTAL: ADD LINES 13(a) - (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.
14. TOTAL COST OF LAND AND STRUCTURES: ADD LINES 12 AND 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
15. TOTAL GAIN OR LOSS: SUBTRACT LINE 14 FROM LINE 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
16. GAIN AS A PERCENTAGE OF BASIS: DIVIDE LINE 15 BY LINE 14 AND ROUND TO THE NEXT HIGHEST WHOLE NUMBER . . . . . . . . .
%
17.
17. TAXABLE GAIN: SEE INSTRUCTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18.
18. TAX RATE: SEE INSTRUCTIONS AND RATE TABLE ON PAGE 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19. TAX DUE: MULTIPLY LINE 17 BY LINE 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19.
(a) TAX DUE FROM BUYER: IF BUYER FAILS TO MEET ALL REQUIREMENTS OF THE EXEMPTION CLAIMED ON LINE 6,
BUYER IS LIABLE FOR $___________________.
TURN FORM OVER AND CONTINUE ON REVERSE SIDE
Keep a copy of this return for your records.
(Rev. 9/05)
FORM LG-2

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