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Updated over 7 years ago on . Most recent reply
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Capital Gains Tax Utah?
I am wondering if anyone knows how capital gains work state by state. Does Utah follow the same capital gains exemptions status of living in a primary residence, married for two years or more - with a gain of less than $500,000. ?
Trying to find what tax hit I would take from the state of Utah if I sell my house and make a gain? I am going to purchase other properties with the gain. I know a 1031 exchange will not work since this has not been an investment property.
Thanks
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It is my understanding that the capital gains exclusion on the sale of a primary residence is a federal tax break and not a state-level one. I am no CPA so you can check with one to confirm this, but as far as state taxes go, you'd probably have to meet with someone in your area familiar with your state's tax code to get a better understanding of how this would affect you.