Category Archives: Taxation

Who Gets to Claim Child on Taxes After a Divorce?

Claiming the Dependency Exemption On Your Tax Returns After A Divorce Colorado has a law that explains how the dependency exemption for a minor child will be handled, after a divorce decree (dissolution of marriage) is entered. The law is contained in Colorado Revised Statute C.R.S. Section 14-10-115. The law says: (12) Dependency exemptions. Unless… Continue Reading

Property Taxes in Colorado

Co-Author:  Jordan C. May, Esq. Property Taxes in Colorado – How are they determined and what can I do about it? Overview Colorado’s system of real property taxation can leave homeowners confused and frustrated. This may be especially true if a homeowner receives a Notice of Valuation reflecting an unexpected increase in the value of… Continue Reading

Don’t Forget About FIRPTA

Foreign Investment in Real Property Tax Act The federal Foreign Investment in Real Property Tax Act (“FIRPTA”) attempts to reduce opportunities for foreign persons to avoid U.S. income tax on their sales of U.S. real property interests. For that purpose, FIRPTA generally obligates any person who buys a U.S. real property interest from a foreign… Continue Reading

When is a Sale Deemed “Closed?”

Co-Author: Jordan Bunch, Esq. Consider a transaction scheduled to close on Wednesday, June 30, 2010, attended by both buyer and seller. The seller signs all of the seller documents, including the deed, which is tendered to the closer for recording. The buyer signs all of her documents and tenders her down payment. Though the buyer’s… Continue Reading

Tax Benefits of Seller-Carry Financing

In today’s slower real estate market, lenders are more cautious about making loans and sellers are more inclined to agree to carry financing to sell their properties more quickly. When a seller carry’s financing, the seller bears risk that the buyer might default on the promise to pay back the loan. But if a buyer… Continue Reading

Delinquent Payroll Taxes and the Trust Fund Recovery Penalty

  Delinquent Payroll Taxes and the Trust Fund Recovery Penalty Can officers and directors of a corporations be held personally liable for delinquent payroll taxes? Yes, they can. If you currently are or are considering becoming a corporate officer or director, you should be aware of the possibility of personal liability for unpaid employee withholding… Continue Reading

Best Form for Your Colorado Business Entity

  Choosing the Best Form for Your Colorado Business Entity In recent years, the number of business entity forms available under Colorado law has doubled, adding limited liability companies (“LLC’s”), limited liability partnerships (“LLP’s”) and limited liability limited partnerships (“LLLP’s”), to the basic group consisting of general partnerships, limited partnerships and corporations. The factors which have… Continue Reading

Tax Liens and Mortgage Lenders

  In Colorado, liens for unpaid real property taxes have priority over all other liens, including deeds of trust. Many of our clients know this and maintain tax escrows on loans they hold which are secured by real estate. Yet not all loans require tax escrows. Lenders with second deeds of trust rarely maintain tax… Continue Reading