Schedule In-153 - Capital Gains Exclusion - 2013 Page 2
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4SCHEDULE IN-153
Capital Gains Exclusion
Vermont allows a portion of net adjusted capital gains, as defined by Internal Revenue Code Section
1(h), to be excluded from Vermont taxable income. Qualified Dividends are not eligible for capital
gains treatment for Vermont tax purposes. Taxpayers may elect either the Flat Exclusion or the
Percentage Exclusion. The amount excluded under either method cannot exceed 40% of federal
taxable income.
If your 2013 Form 1040 shows a capital loss, you are not eligible to complete this form. No
Vermont exclusion is available when a net capital loss is reported, even if the sale of farm or
standing timber resulted in a capital gain.
Part I Flat Exclusion
The general exclusion amount for tax year 2013 is $5,000 or the actual amount of net adjusted capital
gains, whichever is less.
Special instructions for Line 1.
• If you did not file Schedule D (Form 1040), enter the amount from Form 1040, Line 13 on
Line 1.
Part II Percentage Exclusion
Taxpayers may opt to exclude 40% percent of their adjusted net capital gain from the sale of assets held
for more than three years. Only certain categories of capital gain income are eligible for this exclusion.
Capital Gains from the sale of the following assets are NOT Eligible For Exclusion under the
Percentage Method even if they have been held for more than three (3) years:
1. Real estate or a portion of real estate used as a taxpayer’s primary or nonprimary home.
2. Depreciable personal property (except for farm or standing timber).
3. Stocks or bonds which are publicly traded or traded on an exchange.
4. Any other financial instruments which are publicly traded or traded on an exchange.
Part III Capital Gain Exclusion Amount
This part applies the limitation of 40% of federal taxable income and calculates your capital gain
exclusion. Enter the amount from Line 21 on Form IN-111, Line 14b.
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