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
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
Foreign Investment in Real Property Tax Act (Updated: 11/29/17) 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 … Continue Reading
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
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 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
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
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
Joint Tenancy With A Noncitizen Spouse: An Estate and Gift Tax Guide for the Perplexed This article was originally published in Probate & Property, the Magazine of the Real Property, Probate and Trust Law Section of the American Bar Association, Vol. 16, No.1, January/February 2002, at page 41. The problem with federal estate and gift … Continue Reading
I (Abby) am the sole member in an LLC. The sole asset of the LLC is a Rental Property with an adjusted basis for tax purposes of $150,000 and a fair market value of $400,000. My friend, Bob, wishes to purchase a 1/2 interest in the LLC for $200,000 in cash. How should we structure … Continue Reading