Utah State Tax On Llc
does utah impose a tax on an llc or CCorp that holds cashflow producing property in the state?
thanks.
does utah impose a tax on an llc or CCorp that holds cashflow producing property in the state?
thanks.
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.
is that on gross rents or net profit from rents?
[ Edited by niravmd on Date 03/02/2005 ]
No, you have to calculate your depreciation then allocate it between personal and business. Same with all other expenses. IRS publ 527 p. 5.
Does the IRS work from a % method for this? For example whatever % of square feet is your residence?
Yes, it is typically allocated based on square feet.
[addsig]