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'Tis the Season of Giving: Explaining the Federal Gift Tax

'Tis the Season of Giving: Explaining the Federal Gift Tax

Residents of the state of Utah are not subject to a state gift tax. Therefore, the people of Utah are free to give as many gifts as they like without having to pay state taxes. However, Utahns are still subject to the federal gift tax system. Here we'll explain how this affects the act of gifting in the state of Utah.