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We would like to gift 2.5 acres (undeveloped) of our 5 acre lot (which has our home and a large shop on it) to our son and his wife. Right now we are zoned RR-5; we know we will have to go to the county (it is on county land) to try to rezone. We wonder how gifting 1/2 the property might impact our... View More 
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answered on Feb 1, 2025
Most mortgages/deeds of trust have a due on sale clause, so you cannot deed it to anyone without the lender's consent. His tax basis is the same as yours if you deed it now while your living, but he gets a stepped up basis at your death as an heir. Hire a CO attorney to advise.
Hello I am visiting Florida and my job wants to change my tax code to Florida from colorado. I am currently a resident of Colorado. Is this legal?
answered on Nov 5, 2024
If you're visiting then no you are still domiciled in Colorado and you're not performing services in Florida so there would be no Florida source income.
If by visiting you mean working in the company's Florida office then yes. You would have Florida source income and the... View More
Just formed my LLC and want it to be the holding company and an S corp what do I need to file and in what order?
answered on Sep 6, 2024
I mostly concur with the earlier answer provided to your question above. Here is my response with a few more notes
1) Use Your LLC as a Holding Company: Structuring your LLC to act as a holding company simply involves using it to own other businesses or assets. You don’t need to file... View More
I want to avoid capital gain taxes as much as possible.
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answered on Jul 23, 2024
Using money from the sale of property to pay down your mortgage can be a wise move, but it requires careful consideration of your overall financial situation. Paying down your mortgage can reduce your monthly expenses and the amount of interest you pay over time. However, it's important to... View More
I owed and payed off but they took the sum out again even though I already paid. Have contacted them several times by phone and tried to make in person meeting but they are booked out the next 60 days. Tried to fax a form 911 for TAS to help but getting error messages for their fax number. Called... View More
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answered on Jun 27, 2024
While I understand your frustration with this situation, here's an overview of your options and some considerations:
1. Suing the IRS:
It's generally not advisable to sue the IRS over delayed refunds or processing errors, especially within this timeframe. Courts typically... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
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answered on Apr 2, 2024
I'm sorry to hear about the difficult situation with your ex-wife not following the terms of your separation agreement. It sounds very frustrating, especially if she has claimed the children as dependents on her taxes despite not fulfilling her obligations. Here are a few thoughts and... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
answered on Apr 2, 2024
Good Morning,
I am very sorry to hear of your circumstances and know that it can be an incredibly difficult and frustrating experience when an ex-spouse does not follow Court Orders. It sounds like you have several issues going on, including: tax, parenting time, insurance, etc.... View More
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answered on Mar 18, 2024
If your ex-boss refuses to provide your W-2 or pay stubs, you should first try contacting them directly to request these documents. Explain the importance of receiving these items for your financial records and tax filing obligations. It's possible they may have overlooked your request or... View More
A woman died in January 2023 without a will. She had four children that are heirs to the estate according to Colorado intestate succession laws. The house was not transferred to the heirs prior to its sale in March 2024, but was sold on behalf of the estate by the executor (who is also one of the... View More
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answered on Mar 15, 2024
Property owned by a decedent gets a step up (or down) to fair market value as of the date of death. That holds regardless of whether the property is distributed in kind to the heirs or is sold and then cash distributed to the heirs. the only difference is who pays the capital gains taxes, if any.... View More
A woman died in January 2023 without a will. She had four children that are heirs to the estate according to Colorado intestate succession laws. The house was not transferred to the heirs prior to its sale in March 2024, but was sold on behalf of the estate by the executor (who is also one of the... View More
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answered on Mar 15, 2024
In this scenario, the house sold by the executor, on behalf of the estate, is still considered inherited property. Since the woman passed away without a will, the estate is handled according to Colorado's intestate succession laws. The property, even though not formally transferred to the... View More
I filed a tax return late but did not owe any LLC taxes (in 2014, but I just found out about the charges about a month ago).
The IRS hit the LLC with $2298.46 in penalties and interest, not for owing any taxes.
The LLC was dissolved about 9 years ago, I believe. My question is, can... View More
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answered on Mar 8, 2024
When it comes to LLCs, the IRS typically views the entity as separate from its members, meaning the company itself is responsible for its taxes, penalties, and interest. However, the way an LLC is structured can influence how the IRS pursues outstanding liabilities. For an LLC treated as a... View More
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answered on Jan 22, 2024
Family court orders do not supersede federal tax laws determined by the IRS, particularly regarding who has the right to claim a child as a dependent for tax purposes. The IRS has specific rules about who can claim a child, based primarily on residency and support criteria.
If a family... View More
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answered on Jan 18, 2024
Family court orders and federal IRS laws operate independently, and the IRS rules on who can claim a child for tax purposes are not automatically overridden by family court orders. In general, the IRS rules dictate that the custodial parent is typically entitled to claim the child as a dependent... View More
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answered on Jan 12, 2024
If you live in Colorado and work remotely for a company based in Florida, your tax situation will primarily be based on your residency, not the location of your employer. As a Colorado resident, you are subject to Colorado state income tax on all your income, regardless of where your employer is... View More
We were hoping you could direct us on how to locate the proper resource who can help us with a DST/1031 investment issue. The current trustee is changing the terms of the investment and at end will dilute our ownership and disqualify any future 1031 tax benefit. I would appreciate any input from... View More
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answered on Jan 8, 2024
Finding the right legal representation for a DST (Delaware Statutory Trust) and 1031 exchange issue is important to ensure that your interests are protected. You'll need a lawyer who is experienced in real estate investments, specifically those involving DSTs and 1031 exchanges.
Start... View More
It’s my understanding that all is needed is my daughter’s ashes and a funeral director, but I’m unsure of how to process that with the county or if more is needed. How do I move forward with this?
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answered on Dec 25, 2023
To establish a not-for-profit cemetery on your property in Colorado, there are several steps and legal requirements to consider. Firstly, having your daughter's ashes and involving a funeral director is a start, but there's more to the process.
You will need to ensure that... View More
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answered on Dec 12, 2023
As an international student in the United States, you have the opportunity to invest in stocks, but there are a few important considerations to keep in mind. Firstly, you must comply with the regulations set by the Securities and Exchange Commission (SEC) as well as any rules applicable in your... View More
property tax lien was turned in for redemption a year ago. cant get to my equity because of bad credit.
not much income, not enough time to sell the property. 10 days before the deed is handed over.
will chap 13 stop the redemption of my property and 250k equity and all my stuff... View More
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answered on Nov 27, 2023
Filing for Chapter 13 bankruptcy in Colorado can provide immediate relief from debt collection efforts through what's known as an "automatic stay." This legal provision goes into effect as soon as your bankruptcy case is filed, and it halts most collection actions against you and... View More
property tax lien was turned in for redemption a year ago. cant get to my equity because of bad credit.
not much income, not enough time to sell the property. 10 days before the deed is handed over.
will chap 13 stop the redemption of my property and 250k equity and all my stuff... View More
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answered on Nov 25, 2023
A chapter 13 filing will stop the sale of your property immediately (the automatic stay). In order to continue with the sale, the taxing agency will need to ask the Bankruptcy Court to lift the automatic stay to proceed with the foreclosure. If you have significant equity in the property, it is... View More
I own 5% of an LLC based in Utah, and recently, the accountant sent me tax documents indicating a pro rata wage of $4,500 for company tax deductions. However, I never received this amount. I made an investment into the company, and when I inquired about the wage, the company stated that it was part... View More
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answered on Apr 12, 2025
Yes, you should be concerned, especially if the LLC has reported income or wages under your name that you did not actually receive. If the $4,500 was reported on a K-1 form as part of your share of the LLC’s income, you may still be responsible for paying taxes on that amount, even though no... View More
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