topic Where do I find Virginia long term capital gains to subtract? in Investors & landlords

Where do I find Virginia long term capital gains to subtract?

paynemint — Sat, 01 Jun 2019 15:24:03 GMT

In the Virginia interview, it asks about Federally Taxed...

Cindy0H — Sat, 01 Jun 2019 15:24:04 GMT

In the Virginia interview, it asks about Federally Taxed Long-Term Capital Gains (see screenshot).If you can meet all of those requirements, then you can qualify for the Virginia Long-Term Capital Gain Subtraction.

If you have other questions about this, ask in the comment section below.

Re: In the Virginia interview, it asks about Federally Taxed...

dwilson16 — Mon, 08 Feb 2021 22:09:59 GMT

How do I find the amount to subtract

Re: In the Virginia interview, it asks about Federally Taxed...

Irene2805 — Tue, 09 Feb 2021 13:20:51 GMT

You have to determine how much of the capital gain you included on your federal return comes from a "qualified business" in Virginia. According to the VA Tax website:

Income taxed as a long-term capital gain, or any income taxed as investment services partnership income for federal tax purposes is allowed as a subtraction provided the income is attributable to an investment in a "qualified business" as defined in Va. Code § 58.1-339.4 or in any other technology business approved by the Secretary of Technology.

Qualified businesses include those related to advanced computing, advanced materials, advanced manufacturing, agricultural technologies, biotechnology, electronic device technology, energy, environmental technology, medical device technology, nanotechnology, or any similar technology related field.

The business must have its principal facility in Virginia and less than $3 million in annual revenues for the fiscal year preceding the investment.

The investment must be made between the dates of April 1, 2010, and June 30, 2020.

Taxpayers claiming the Qualified Equity and Subordinated Debt Credit cannot claim this subtraction relating to investments in the same business.

In addition, no investment is "qualified" for this deduction if the business performs research in Virginia on human embryonic stem cells.

Virginia Subtractions from Income

Re: In the Virginia interview, it asks about Federally Taxed...

chickengamer — Sun, 20 Feb 2022 03:11:55 GMT

Can you please put it in real everyday English not layer jargon. Please show or give some information on how to find or see where it is located. I invested in Robinhood and have only $39.00 in the long term capital gains. This is my first time trying to put this on the tax forms

Re: In the Virginia interview, it asks about Federally Taxed...

PattiF — Sun, 20 Feb 2022 14:28:02 GMT

Here is a TurboTax help article that will help you enter the capital gains from Robinhood. There are instructions with the steps you will use to enter your information.