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Utah Tax Law Questions & Answers
1 Answer | Asked in Tax Law for Utah on
Q: If you purchase something for both work and personal use, can you write off the cost?
Wesley Winsor
PREMIUM
Wesley Winsor
answered on May 5, 2017

Yes and no. For instance, if I buy a car for my business, but I also use it day in and day out than I have to make a determination of how much I use it for business purposes (not including the first trip to the office/job site/location) and I can then write a certain percentage of that purchase... View More

1 Answer | Asked in Real Estate Law and Tax Law for Utah on
Q: Can we roll over the sale of our rental house into down payment when we've been living in a rental ourselves 7 years?

We haven't lived anywhere but our current rental since we moved. We have been depreciating for taxes.

Matthew M Montoya
Matthew M Montoya
answered on Dec 31, 2016

I believe what you're looking for is called a Section 1031 "Like-kind Exchange." Here is an IRS publication on the issue that goes into the transaction a little https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031

There are many practitioners who focus in...
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1 Answer | Asked in Business Law and Tax Law for Utah on
Q: Do I need a to get a EIN number from business's who I am paying rent to every month in order to take it as a tax writoff

I own a windshield repair business and i rent parking lots from business's. I pay thousands a month. How can i take it as a write off? Do i need to get their EIN or have them fill out a 1099 document?

Wesley Winsor
PREMIUM
Wesley Winsor
answered on Jun 8, 2017

If you are running it as a sole proprietorship, then you don't need to get a separate EIN, you can just use your own Social Security number when you report your taxes. If your company is an LLC then you will already have an EIN and you will u se the EIN when you do your taxes.

Can...
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1 Answer | Asked in Real Estate Law and Tax Law for Utah on
Q: Is there a way to put my mom's name on a property deed, but she's not responsible or own the property?

Then after her death it just goes back to me. This is to show her ownership to get the property tax relief. I own the property, but she lives there and pays for everything dealing with the property.

Terrence H Thorgaard
Terrence H Thorgaard
answered on Oct 19, 2015

She probably needs to "own" the property in order to qualify for the tax exemption. See an attorney in your jurisdiction to find out the best way to accomplish this. A life estate is one possibility.

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