Colorado Real Property Interest - Information
Extracted from PDF file 2019-colorado-form-dr-1083.pdf, last modified October 2013
Real Property Interest - InformationDR 1083 (10/17/13) COLORADO DEPARTMENT OF REVENUE Denver, CO 80261-0005 www. TaxColorado.com *141083==19999* Information with Respect to a Conveyance of a Colorado Real Property Interest 1. First Name Transferor's Last Name Address City Spouse's Last Name (if applicable) First Name Address City State Estate Zip Middle Initial State 2. Transferor is (check one): Individual Middle Initial Zip If other, please specify: Corporation 3. SSN Trust Other (specify) Colorado Account Number 5. Type of property sold 4. FEIN 6.Date of closing (MM/DD/YY) 7. Address or legal description of property sold City State 8. Selling price of the property $ 9. Selling price of this transferor's interest $ 10. If Colorado tax was withheld, check this box Zip 11. Amount of tax withheld $ 12. If withholding is not made, give reason (check one): a. Affirmation of Colorado residency signed b. Affirmation of permanent place of business signed c. Affirmation of principal residence signed d. Affirmation of partnership signed e. Affirmation of no tax reasonably estimated to be due to no gain on sale signed f. No net proceeds 13. Title Insurance Company Address Phone Number ( ) City State Zip File this form together with DR 1079, if applicable, within 30 days of the closing date with the Colorado Department of Revenue Denver, CO 80261-0005 *141083==29999* Affirmation of Colorado Residency I (we) hereby affirm that I am (we are) the transferor(s) or the fiduciary of the transferor of the property described on this DR 1083 and that as of the date of closing I am (we are) or the estate or the trust is a resident of the State of Colorado. Signed under the penalty of perjury Signature of transferor or fiduciary Date (MM/DD/YY) Spouse's signature (if applicable) Date (MM/DD/YY) Affirmation of Permanent Place of Business I hereby affirm that the transferor of the property described on this DR 1083 is a corporation which maintains a permanent place of business in Colorado. Signed under the penalty of perjury. Signature of corporate officer Date (MM/DD/YY) Affirmation of Sale by Partnership I hereby affirm that the transfer of property described on this DR 1083 was sold by an organization defined as a partnership under section 761(a) of the Internal Revenue Code and required to file an annual federal partnership return of income under section 6031(a) of the Internal Revenue Code. Signed under the penalty of perjury. Signature of general partner Date (MM/DD/YY) Affirmation of Principal Residence I hereby affirm that I am (we are) the transferor(s) of the property described on this DR 1083 and immediately prior to the transfer it was my (our) principal residence which could qualify for the exclusion of gain provision of section 121 of the Internal Revenue Code. Signed under the penalty of perjury. Signature of transferor Date (MM/DD/YY) Spouse's signature if applicable Date (MM/DD/YY) Affirmation of No Reasonably Estimated Tax to be Due I hereby affirm that I am (we are) the transferor(s) or an officer of the corporate-transferor or a fiduciary of the estate or trust-transferor of the property described on the front side of this form, and I (we) further affirm that there will be no Colorado income tax reasonably estimated to be due on the part of the transferor(s) as a result of any gain realized on the transfer. Please understand before you sign this affirmation that nonresidents of Colorado are subject to Colorado tax on gains from the sale of Colorado real estate to the extent such gains are included in federal taxable income. Signed under the penalty of perjury. Signature of transferor, officer or fiduciary Date (MM/DD/YY) Spouse's signature if applicable Date (MM/DD/YY) Instructions for DR 1083 In general. With certain exceptions, sales of Colorado real property valued of $100,000 of more, and are made by nonresidents of Colorado, are subject to a withholding tax in anticipation of the Colorado income tax that will be due on the gain from the sale. or A transferor who is an individual, estate, or trust will be subject to the withholding tax if either the federal Form 1099-S to be filed with the Internal Revenue Service to report the transaction or the authorization for the disbursement of the funds resulting from the transaction shows a non-Colorado address for the transferor. or A corporate transferor will be subject to the withholding tax if immediately after the transfer of the title to the Colorado real property interest, it has no permanent place of business in Colorado. A corporation will be deemed to have a permanent place of business in Colorado if it is a Colorado domestic corporation, if it is qualified by law to transact business in Colorado, or if it maintains and staffs a permanent office in Colorado. Amount of withholding. The withholding shall be made by the title insurance company or its authorized agent or any attorney, bank, savings and loan association, savings bank, corporation, partnership, association, joint stock company, trust, unincorporated organization or any combination thereof acting separately or in concert that provides closing and settlement services. The amount to be withheld shall be the lesser of: (a) two percent of the selling price of the property interest or, (b) the net proceeds that would otherwise be due to the transferor as shown on the settlement statement. "Closing and settlement services" means providing services for the benefit of all necessary parties in connection with the sale, leasing, encumbering, mortgaging, creating a secured interest in and to the real property, and the receipt and disbursement of money in connection with any sale, lease, encumbrance, mortgage, or deed of trust. [§10-11-102 (3.5), C.R.S.] Exceptions to Withholding. Withholding shall not be made when: the selling price of the property is not more than $100,000; or the transferor is an individual, estate, or trust and both the Form 1099-S and the authorization for disbursement of funds show a Colorado address for the transferor; or the transferee is a bank or corporate beneficiary under a mortgage or beneficiary under deed of trust, and the Colorado real property is acquired in judicial nonjudicial foreclosure or by deed in lieu of foreclosure; the transferor is a corporation incorporated under Colorado law or currently registered with the Secretary of State's Office as authorized to transact business in Colorado; the title insurance company or the person providing the closing and settlement services, in good faith, relies upon a written affirmation executed by the transferor, certifying under the penalty of perjury one of the following: that the transferor, if a corporation, has a permanent place of business in Colorado; that the transferor is a partnership as defined in section 761(a) of the Internal Revenue Code required to file an annual federal return of income under section 6031(a) of the Internal Revenue Code; that the Colorado real property being conveyed is the principal residence of the transferor which could qualify for the exclusion of gain provisions of section 121 of the Internal Revenue Code; that the transferor will not owe Colorado income tax reasonably estimated to be due from the inclusion of the actual gain required to be recognized on the transaction in the gross income of the transferor. Normally Colorado tax will be due on any transaction upon which gain will be recognized for federal income tax purposes. Gain will normally be recognized for federal income tax purposes any time the selling price of the property exceeds the total of the taxpayer's adjusted basis in the property, plus the expenses incurred in the sale of the property. The taxpayer's adjusted basis of the property will normally be the taxpayer's total investment in the property, minus any depreciation thereon he has previously claimed for federal income tax purposes. Partnership as Transferor. Sales of real property interests by organizations recognized as partnerships for federal income tax purposes and required to file annual federal partnership returns of income will not be subject to the Colorado withholding tax. This exception will not apply to joint ownerships of property which are not recognized as partnerships for federal income tax purposes. The sale of property jointly owned by a husband and wife, for example, is a sale by two individuals, not a sale by a partnership, and not exempt from withholding tax. Completion of DR 1083. DR 1083 must be completed and submitted to the Department of Revenue with respect to sales of Colorado real property if Colorado tax was withheld from the net proceeds from the sale, or if Colorado tax would have been withheld but for the signing of an affirmation by the transferor. Line 9. Selling price of the transferor's interest is that part of the selling price entered on line 8 apportioned to the ownership interest of the transferor for whom the DR 1083 is being prepared. For example, if the property was owned 60% by Smith and 40% by Jones and the property was sold for $150,000, the DR 1083 being prepared for Jones would show $150,000 on line 8 and $60,000 on line 9. Note that it is the amount on line 8 that determines whether or not the $100,000 withholding tax threshold is met, not the amount entered on line 9, but the withholding is to be computed on the amount on line 9 if it is smaller than the amount on line 8. Line 10 If Colorado tax is withheld on the transaction, check the box on line 10 and show the amount withheld on line 11. Line 11 If Colorado tax is being withheld on the transfer, the title insurance company or the person providing the closing and settlement services must complete DR 1079 which is the form used to transmit the tax withheld to the Colorado Department of Revenue. Line 12. If Colorado tax is not withheld on the transaction, check appropriate box on line 12. Information. Forms and additional information are available through the Tax Information Index at www.TaxColorado.com or call (303) 238-SERV (7378) for information. Line 1. Enter the name and address of the transferor. In the case of multiple transferors of the same real property, a separate DR 1083 must be filed for each transferor except that if the transferors are husband and wife at the time of closing who held the property as joint tenants, tenants by the entirety, tenants in common, or as community property, and they are both subject to withholding or both exempt from withholding, treat them as a single transferor and list both of their names on line 1. Do not list husband and wife as one transferor if they do not choose to be listed as one transferor. Use the same address as is used on the federal FORM 1099-S if one is required to be filed. Otherwise, use the most current address available. Line 3. If both husband and wife are listed on line 1, show both Social Security Numbers on line 3. Line 5. Type of property sold would be residential, rental, commercial, unimproved land, farm, etc. Line 6. Address or legal description would be the same as shown on federal FORM 1099-S. Line 7. Date of closing would be the same as shown on Form 1099-S. Line 8. Selling price of the property is the contract sales price. Selling price means the sum of: • the cash paid or to be paid but not including interest; • the fair market value of other property transferred or to be transferred; and • the outstanding amount of any liability assumed by the transferee to which the Colorado real property interest is subject immediately before and after the transfer. Due date and penalty. The title insurance company or other person providing the closing and settlement services must file DR 1083, together with DR 1079 if Colorado tax was withheld on the transfer, with the Colorado Department of Revenue within 30 days of the closing date of the transaction. Any title insurance company or its authorized agent which is required to withhold any amount pursuant to §39-22-604.5, C.R.S. (relating to withholding on transfers of Colorado real property interests) and fails to do so shall be liable for the greater of five hundred dollars or ten percent of the amount required to be withheld, not to exceed twenty-five hundred dollars.
Form DR 1083
More about the Colorado Form DR 1083 Individual Income Tax
In general, With certain exceptions, sales of Colorado real property valued of $100,000 of more, and are made by nonresidents of Colorado, are subject to a withholding tax in anticipation of the Colorado income tax that will be due on the gain from the sale.
We last updated the Real Property Interest - Information in February 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Colorado Department of Revenue. You can print other Colorado tax forms here.
Other Colorado Individual Income Tax Forms:
|Form Code||Form Name|
|Form DR 1079||Real Property Interest - Payment of Withholding|
|Form DR 1778||E-Filer Attachment Form|
|Form 104||Colorado Income Tax Return|
|Form DR 1316||Capital Gain Affidavit|
|Form DR 0084||W-2 Form Substitute|
Colorado usually releases forms for the current tax year between January and April. We last updated Colorado Form DR 1083 from the Department of Revenue in February 2020.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Colorado Form DR 1083
We have a total of eight past-year versions of Form DR 1083 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Colorado Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.