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Visitor I

Virginia long-term capital gain subtraction

The Turbo Tax Virginia tax form is easily misinterpreted when it asks about long-term capital gain subtractions. The text says that one has a certain amount of federally taxable long-term capital gains. And then it says: "Of this amount, does any meet the following qualifications?" Five lines follow, each with its own bullet. One has a choice of Yes or No.

 

It's easy to THINK that "any" of the following qualifications are enough to say "Yes." But that's not the case. What the Turbo Tax question SHOULD HAVE said is: "Of this amount, does any meet ALL of the following qualifications?"

 

This is better explained on the state's own tax site, specifically at: https://www.tax.virginia.gov/subtractions#long-term-capital