Utah State Tax On Llc

does utah impose a tax on an llc or CCorp that holds cashflow producing property in the state?

thanks.

Comments(5)

  • blueford2nd March, 2005

    Yes, all states can tax income from property located within their jurisdiction, either at the entity level or at the individual member level. Utah has income tax on both corporations and individuals.

  • niravmd2nd March, 2005

    is that on gross rents or net profit from rents?
    [ Edited by niravmd on Date 03/02/2005 ]

  • blueford3rd March, 2005

    No, you have to calculate your depreciation then allocate it between personal and business. Same with all other expenses. IRS publ 527 p. 5.

  • srj193rd March, 2005

    Does the IRS work from a % method for this? For example whatever % of square feet is your residence?

  • wexeter3rd March, 2005

    Yes, it is typically allocated based on square feet.
    [addsig]

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