City Weekly · A And E
As property values rise, Utahns can be hit with hefty tax bills after selling a home.
April 15 has come and gone. That means you either filed your federal and state taxes—or you didn't!
April 15 has come and gone. That means you either filed your federal and state taxes—or you didn't! Some of you may have sold a primary residence last year and may or may not have had to pay taxes on the profit on that sale, called "capital gains." Back in the day, homeowners had to keep track of all the improvements to their property before selling, according to IRS tax rules.
But taxpayers would basically get a "once in a lifetime" deduction of real estate profits if they were 55 years old or older in what was called the "rollover rule." This rule allowed a home seller to postpone taxes on…
This is a 600 character excerpt. Read the full story at City Weekly, where it was published on April 23, 2025.
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