Form 706-NA UT 2019-2025

Form 706-NA UT: What You Should Know

Utah Department of Taxation: . If you are planning to transfer the interest in a trust fund or other asset to a U.S. estate, you are considered to be using a ’disregarded portion of the net estate with respect to the tax. Under Utah's death tax law, an exempt individual may transfer a trust, estate or devised interest in the net estate without paying the death tax. Therefore, you can reduce your death tax liability if you: 1. Do not dispose of all your property; 2. Do not file the tax return and claim exemptions; and 3. Do not claim an exemption under the Federal Election Campaign Act of 1971, as amended (see FCA ¶¶ 16-17). Under Utah's estate tax system, the deceased is considered to have “paid” the death tax in any disposition of the person's personal property. In a joint transaction, the decedent spouse will be required to pay the death tax on all the net estate, not only the gross gain recognized. The total trust fund gain on the transferor's interest is usually excluded from the death tax. Under Utah law, a trust that distributes or conveys an interest in land to another person or business entity may not be considered treated as being controlled by the granter or transferee for purposes of exempting the land from death taxes. Under Utah's estate tax law for nonresident aliens, nonresidents must report all U.S. estate tax assets and exempt amounts in Box 13 on their federal estate tax return (or their federal Form 8283 if married filing separately). All nonresident aliens except citizens and permanent residents can claim the exemptions on Schedule A of Federal Form 8832. See Publication 17, U.S. Tax Guide for the Resident Alien for additional details. Marital status: A married individual must file a combined U.S. estate tax and U.S. gift tax return if the decedent's combined gross estate equals or exceeds the exemption amount. A married individual who will receive an estate or gift of a share of his or her decedent's property can claim the exemptions on Schedule A of Federal Form 8832. See Publication 17, U.S. Tax Guide for the Resident Alien, for additional details.

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