Form 709 for Salt Lake Utah 2024-2025

Form 709 for Salt Lake Utah: What You Should Know

Is a New Utah Estate Tax Act Due? Utah's tax code may provide a new, novel estate tax system, but the Legislature may not enact an Act to implement the new estate tax. Jul 20, 2025 — State legislators are meeting this weekend to consider a constitutional amendment that could raise the inheritance tax exemption amount up to about 1 million, which would put Utah more in line with its largest neighboring states. What are the current rules on Estate (And Gift) Tax in Salt Lake? As discussed in my column of March 24, 2015, there are two types of tax on individual estates—the regular (federal) estate tax, and a state-level “estate” tax, which is different from the federal estate tax. What is the state-level estate tax on the other hand? Utah's estate tax consists of three components that must be paid, including: (1) the regular tax on the federal estate tax exemption amount, (2) state-level inheritance tax, which for Utah is a flat tax equal to the federal flat tax on gross estate value, (3) the federal estate tax due. The state of Utah's tax on estates (with exception to those receiving charitable gifts) and gifts received by individuals are collected as a single tax. The tax is due as a separate installment after the death of a decedent. The tax applies to property inherited by an individual after July 9, 1977. The state's estate tax does not apply to “gifts” received by an individual and not distributed to another person. Gifts made on a gift tax return are subject only to the federal gift tax. Utah currently operates under a graduated rate, based on the value of the estate. In Utah, one generation is taxed at a different rate, based on the estate's age. The tax is graduated at 50% for estate assets over 14,000, and 45% for assets between 14,000 and 29,150. In addition to income, one is taxed on property transferred in a gift. For examples, suppose John and Sarah have the same amount of wealth when they die. Their estate (which is 30,000) would pay 700 in tax on the value of their residence.

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