Get Dr 1083 Colorado Form

When filling out and using the DR 1083 form in Colorado, there are several important points to keep in mind:

• Purpose of the Form: The DR 1083 is used to report the conveyance of a real property interest in Colorado and to determine if withholding tax applies.
• Who Must File: The form must be completed by transferors, which can include individuals, estates, corporations, or trusts.
• Filing Deadline: It is crucial to file the DR 1083 within 30 days of the closing date to avoid penalties.
• Withholding Tax Threshold: If the selling price of the property is $100,000 or more, withholding tax may be applicable for non-residents of Colorado.
• Completion of the Form: Each transferor must complete their own DR 1083, unless they are married and hold the property jointly, in which case they can be treated as a single transferor.
• Tax Withholding Amount: The withholding amount is typically the lesser of two percent of the selling price or the net proceeds due to the transferor.
• Exceptions to Withholding: Certain conditions exempt transferors from withholding, such as having a Colorado address or being a corporation registered in Colorado.
• Additional Forms: If tax is withheld, the DR 1079 must also be filed to report the amount withheld to the Colorado Department of Revenue.
• Accuracy of Information: Ensure all information provided, including names, addresses, and selling prices, is accurate and matches federal forms to avoid discrepancies.

Understanding these key points can help ensure compliance with Colorado tax regulations related to real property transactions.

When filling out the DR 1083 form for Colorado, there are several important dos and don'ts to keep in mind. Following these guidelines can help ensure that your submission is accurate and compliant with state regulations.

• Do double-check all personal information for accuracy, including names and addresses.
• Do ensure that the selling price reflects the total amount agreed upon in the sale.
• Do use the same address as listed on the federal Form 1099-S when applicable.
• Do file the form within 30 days of the closing date to avoid penalties.
• Do provide both Social Security Numbers if both spouses are listed as transferors.

• Don't forget to check the appropriate box if Colorado tax was withheld.
• Don't leave any sections blank; incomplete forms can lead to delays.
• Don't list multiple transferors on one line unless they are husband and wife and qualify as a single transferor.
• Don't underestimate the importance of the affirmation sections; they are crucial for tax purposes.
• Don't assume that the withholding tax does not apply without verifying your status as a resident or non-resident.