Can I deduct my gains from capital transactions?
A qualified taxpayer may deduct 5% of the short-term and long-term capital gain on a transaction if the following applies:
- The gain occurs on or after January 1, 2008.
- At least 70% of the proceeds of the capital gain transaction are used to purchase qualifying stock in a Utah small business corporation within 12 months from when the gain was recognized.
- The individual did not have an ownership interest in the Utah small business corporation that issued the qualifying stock.
