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Level 2
posted Sep 28, 2022 11:37:14 AM

Vermont Capital Gains

I sold a rental property in Vermont this year as an out of state resident. I have never filled a Vermont State Tax form nor ever will after this year. So I don't want to learn the whole from, just want to do this one transaction as easily as possible. My only income is the capital gains on the condo. Can you help me make this easy. 1. Where do I place the tax withholding I paid at closing. 2. I have a purchase price, capital improvements and a selling price. Can you tell me where on form to place that information. I am then assuming with that info, Turbo Tax can calculate if I owe additional taxes or if I am entitled to a refund.

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1 Replies
Employee Tax Expert
Sep 28, 2022 12:14:15 PM

Hi dick16,

 

Happy to assist you with your questions! Thank you for the insightful information provided. The following links will assist you with your two questions. 

 

  1. Entering the sale of property in TurboTax Online or TurboTax CD/Download: https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/enter-sale-second-home-inherited-home-land-2021/L7tUghudI_US_en_US
  2. Entering the tax withholding in Vermont: https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-do-i-enter-west-virginia-non-resident-tax-withheld-for-sale-of-property/00/702176

Please let us know if you have any questions regarding the above.

 

Cheers,

Laura