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Vermont Vermont Land Gains Tax Return To Be Completed By Seller (Transferor)
Extracted from PDF file 2023-vermont-form-lgt-178.pdf, last modified January 2020Vermont Land Gains Tax Return To Be Completed By Seller (Transferor)
Vermont Department of Taxes Phone: (802) 828-6851 VT Form LGT-178 133 State Street Montpelier, VT 05633-1401 *191781100* VERMONT LAND GAINS TAX RETURN * 1 9 1 7 8 1 1 0 0 * To be completed by Transferor (Seller) NOTE: H.541 of the 2019 Legislative Session changed the definition of “land” subject to the Land Gains Tax to encompass only Vermont land that has been purchased and subdivided by the transferor within six years prior to the sale or exchange of the land, or timber or rights to timber when sold within six years of their purchase, provided the underlying land is also sold within six years. Underlying land means the land from which timber or timber rights have been separated, whether subdivided or not. These changes are effective with returns filed after Jan. 1, 2020. A. TRANSFEROR’S (Seller’s) INFORMATION Entity TRANSFEROR Name OR Federal ID Number Individual TRANSFEROR Last Name First Name Initial OR TRANSFEROR Mailing Address Following Transfer Daytime Telephone Number For Department Use Only Line 2 for Mailing Address Following Transfer (if needed) City State Foreign Country (if not United States) Email Address B. ZIP Code TRANSFEREE’S (Buyer’s) INFORMATION Entity TRANSFEREE Name OR Federal ID Number Individual TRANSFEREE Last Name First Name Initial OR TRANSFEREE Mailing Address Following Transfer For Department Use Only City State Foreign Country (if not United States) Email Address ZIP Code PROPERTY INFORMATION Property Physical Location - Number and Street or Road Name Land Size (in acres) City or Town D. Check if property is located in multiple cities or towns SPAN HOLDING PERIOD Date Acquired by Transferor (mm dd yyyy) Date of this Closing (mm dd yyyy) Time Held _________ Years E. Social Security Number Daytime Telephone Number Line 2 for Mailing Address Following Transfer (if needed) C. Social Security Number _________ Months EXEMPTIONS E1. If transfer is exempt from Land Gains Tax, enter exemption number (see quick reference guide). . . . . . . E1. ___________ E1a. If Line E1 is “08,” enter description. . . . . . . . . . . . . . . . E1a. ___________________________________________ (continued on next page) 5454 Form LGT-178 Page 1 of 3 Rev. 12/19 Transferee’s Name______________________________________________________ Property Location______________________________________________________ Date of this Closing_____________________________________________________ *191781200* * 1 9 1 7 8 1 2 0 0 * F. TRANSFER INFORMATION F1. How did the transferor acquire this property? (see quick reference guide) . . . . . . . . . . . . . . . . . . . . . . . . . F1. ___________ F1a. If Line F1 is “04,” enter description. . . . . . . . . . . . . . . . . F1a. ___________________________________________ F2. Interest conveyed in this transfer (see quick reference guide) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2. ___________ % F2a. If Line F2 is “07,” enter percent of interest here . . . . . . . . . . . . . . . . . . . . . F2a. __________________ . _______ F2b. If Line F2 is “08,” enter description. . . . . . . . . . . . . . . . F2b. ___________________________________________ F3. Type of building construction at time of transfer (see quick reference guide). . . . . F3. _________ ________ _________ F3a. If Line F3 is “05,” enter number of units transferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3a. ___________ F3b. If Line F3 is “06,” enter number of dwelling units transferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3b. ___________ F3c. If Line F3 is “20,” enter description. . . . . . . . . . . . . . . . . F3c. ___________________________________________ G. SALE INFORMATION G1. Value paid or transferred (from Form PTT-172, Line J10). . . . . . . . . . . . . . G1. _________________________ G2. Selling price of timber, if applicable (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . G2. _________________________ G3. Add Line G1 and Line G2. . . . . . . . . . . . . . . . . . . G3. _________________________ G4. Total selling expenses (from Schedule LGT-179, Line B5) . . . . . . . . . . . G4. _________________________ G5. Adjusted selling price (Subtract Line G4 from Line G3). . . . . . . . . . . . . . . . . . . . . . . . G5. _________________________ H. LAND AND STRUCTURES COST INFORMATION H1. Total cost of land (from Schedule LGT-179, Line C6) . . . . . . . . . . . H1. _________________________ H2. Total cost of structures (from Schedule LGT-179, Line D5). . . . . . . . . . . H2. _________________________ H3. Basis of timber or timber rights, if applicable (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . H3. _________________________ H4. Total cost of land and structures (Add Lines H1 through H3) . . . . . . . . . . . . . . . . . . . . H4. _________________________ TOTAL GAIN OR LOSS H5. Total gain or loss (Subtract Line H4 from Line G5). . . . . . . . . . . . . . . . . . . . . . . . . . . . H5. _________________________ (continued on next page) Form LGT-178 5454 Page 2 of 3 Rev. 12/19 Transferee’s Name______________________________________________________ Property Location______________________________________________________ Date of this Closing_____________________________________________________ *191781300* * 1 9 1 7 8 1 3 0 0 * I. TAX CALCULATION I1. Total gain or loss (Amount from Line H5). . . . . . . I1. _________________________ I2. Gain as a percentage of basis . . . . . . . . . . . . . . . . . I2. _________________________ I3. Taxable gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I3. _________________________ I3a. Will you use the statewide percentages from Technical Bulletin 34 to allocate gain on Form LGT-179, buildings Schedule A?. . . . . . . . . . . . . . . . . . . . I3a. I4. c Yes c No Tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I4. _________________________ I5. Total Tax Due (Multiply Line I3 by Line I4) If a Commissioner’s Certificate was issued, enter the withholding amount required. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I5. _________________________ I6. If a Vermont Commissioner’s Certificate was issued, enter Certificate Number. . . . . . . . . . . . . . . I6. _________________________ I7. Tax due from transferee: If transferee fails to meet all requirements of the exemption claimed on Line E1, transferee is liable for . . . . . . . I7. ________________________ J. WITHHOLDING REFUND CALCULATION J1. Amount of advance payment or tax withheld by transferee. . . . . . . . . . . . . . . . . . . . . . . J1. _________________________ J2. REFUND (If Line I5 less than Line J1, subtract Line I5 from Line J1). . . . . . . . . . . . . J2. _________________________ J3. TAX DUE after credits applied (If Line J1 is less than Line I5, subtract Line J1 from Line I5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . J3. _________________________ REMINDER: If you used Schedule LGT-179 to complete this return, it must be submitted with this return. K. SIGNATURES We hereby certify this return is true, correct, and complete to the best of our knowledge. Signature of Primary Transferor Printed name May the Dept. of Taxes discuss this return with the preparer shown? Preparer’s Use Only Date c Yes c No Preparer’s signature Date Preparer’s printed name Preparer’s Telephone Number ( ) Firm’s name (or yours if self-employed) and address Preparer’s email address Send completed return to: 5454 Vermont Department of Taxes 133 State Street Montpelier, VT 05633-1401 Clear ALL fields Save and go to Important Printing Instructions Form LGT-178 Page 3 of 3 Rev. 12/19 Save and Print
Form LGT-178
More about the Vermont Form LGT-178 Other Tax Return TY 2023
We last updated the Vermont Land Gains Tax Return To Be Completed By Seller (Transferor) in February 2024, so this is the latest version of Form LGT-178, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form LGT-178 directly from TaxFormFinder. You can print other Vermont tax forms here.
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Form Sources:
Vermont usually releases forms for the current tax year between January and April. We last updated Vermont Form LGT-178 from the Department of Taxes in February 2024.
Form LGT-178 is a Vermont Other form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
Historical Past-Year Versions of Vermont Form LGT-178
We have a total of three past-year versions of Form LGT-178 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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