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New Member
posted Feb 4, 2022 12:12:34 PM

Questions about propery gains tax in utah?

what are the exemptions of paying propery gains tax in utah?

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1 Replies
Expert Alumni
Feb 4, 2022 7:41:06 PM

I believe you are referring to the 5% credit on capital gain income in Utah. To qualify, the transaction must have occurred on or after January 1, 2008. At least 70% of the capital gain must have been reinvested in a qualified Utah small business within the year, and the taxpayer must not have a previous interest in the small business.

 

To calculate the credit, you multiply your capital gain by 4.95% and that is the amount of your credit.