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Utah Tax Free Exchange Package

West Valley City Utah Tax Free Exchange Package

Category:

Taxes - Tax Free Exchange

State:

Utah

City:

West Valley City

Control #:

UT-P064-PKG

Format:

Instant download

Description

The Tax-Free Exchange Package contains essential forms to successfully complete a tax-free exchange of like-kind property.

This package contains the following forms:

(1) Exchange Agreement

(2) Exchange Addendum

(3) Certification Of No Info Reporting On Sale Of Exchange

(4) Like-Kind Exchanges

(5) Sale of Business Property

(6) Personal Planning Information and Document Inventory Worksheets

Detailed Information on each form:

1. Exchange Agreement - This form is used to establish the intent to enter into an exchange agreement and to otherwise qualify the contemplated transactions under the qualified intermediary safe harbor.

2. Exchange Addendum - In this form, the parties amend an existing contract to buy and sell real estate and agree that the Exchanging Party's rights under the contract are assignable prior to closing to structure an exchange of the property under Section 1031. The Cooperating Party agrees to reasonably cooperate in such exchange with the Exchanging Party.

3. Certification Of No Info Reporting On Sale Of Exchange - Complete this form to determine whether the sale or exchange should be reported to the seller, and to the Internal Revenue Service on Form 1099-S, Proceeds From Real Estate Transactions.

4. Like-Kind Exchanges - This form is used to report each exchange of business or investment property for property of a like kind to the Internal Revenue Service.

5. Sale of Business Property - This form is used to report gains, losses and recapture amounts from the sale of business property and involuntary conversions.

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How to fill out Utah Tax Free Exchange Package?

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FAQ

In West Valley City, the sales tax rate is broken down as follows: 4.85% (State Sales and Use Tax) 1% (Local Sales and Use Tax) 0.30% (Mass Transit Tax)

Using Your Old Vehicle as a Trade-In in Utah If you buy your vehicle in Utah, dealerships that operate in the state allow you to trade-in your old vehicle, and they'll apply a credit toward the selling price of a new one.

Many states have annual sales tax holidays, during which certain items the state wants to promote the purchase of (like school supplies, emergency preparedness supplies, or energy efficient appliances) can be purchased sales tax free. Utah, however, does not currently have any scheduled sales tax holidays.

If your return is chosen, we will send you an Identity Protection Verification letter that asks you to complete a verification process. Depending on the situation, this letter may ask you to take a short online quiz or to provide documents to verify your identity.

General Information. If a taxpayer does not file a return, files it late, or if the tax due is underpaid, the Tax Commission will send the taxpayer a billing notice approximately thirty days after the due date. The amount due on the billing notice will include any penalty and interest calculated to the notice due date.

Several examples of items which are considered to be exempt from Utah sales tax are prescription medications, items which are used in agricultural processes, fuels, medical equipment, or items used in manufacturing.

The Tax Commission is composed of four commissioners who have the constitutional duty to administer and supervise all of the tax laws of the state, including property tax, income tax, franchise tax, sales tax, gasoline and all miscellaneous taxes.

For example, flour, sugar, bread, milk, eggs, fruits, vegetables and similar groceries (food products) are not subject to Texas sales and use tax. Tax is due, however, on non-food items such as paper, pet, beauty and hygiene products; clothing; books; and certain edible items.

Use of Payment Coupon If you have a tax due balance on your Utah individual income tax return and you have previously filed your return (either electronically or by paper) without a payment, include the payment coupon below with your check or money order to insure proper credit to your account.

You'll need to collect sales tax in Utah if you have nexus there. There are two ways that sellers can be tied to a state when it comes to nexus: physical or economic. Physical nexus means having enough tangible presence or activity in a state to merit paying sales tax in that state.

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