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Colorado Tax Law Questions & Answers
2 Answers | Asked in Family Law and Tax Law for Colorado on
Q: do Family Court Orders supercede Federal IRS laws on who can claim a child each year?
T. Augustus Claus
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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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2 Answers | Asked in Family Law and Tax Law for Colorado on
Q: do Family Court Orders supercede Federal IRS laws on who can claim a child each year?
James L. Arrasmith
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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...
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2 Answers | Asked in Tax Law for Colorado on
Q: I live in co, work remotely for company based in fl, w-9 shows my address as fl. How do i file my taxes
James L. Arrasmith
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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

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1 Answer | Asked in Real Estate Law and Tax Law for Colorado on
Q: We are looking for legal representation on a DST/1031 exchange property issue.

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

James L. Arrasmith
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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...
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1 Answer | Asked in Tax Law, Gov & Administrative Law and Municipal Law for Colorado on
Q: How do I make my home a not for profit cemetery in order to make it tax exempt?

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?

James L. Arrasmith
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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...
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2 Answers | Asked in Immigration Law, International Law and Tax Law for Colorado on
Q: Should international students can invest in stocks in US or not?
James L. Arrasmith
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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

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2 Answers | Asked in Bankruptcy and Tax Law for Colorado on
Q: how long does it take for a chap 13 bancruptcy filing to put a stop to debt collection and property tax redemption?

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

James L. Arrasmith
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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

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2 Answers | Asked in Bankruptcy and Tax Law for Colorado on
Q: how long does it take for a chap 13 bancruptcy filing to put a stop to debt collection and property tax redemption?

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

Martha Warriner Jarrett
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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

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1 Answer | Asked in Contracts, Tax Law, Admiralty / Maritime and Gov & Administrative Law for Colorado on
Q: What motion to the courts would be filed to obtain financials of accounting, ledgers, tax ID, of cash only bond put up?

100k for one individual another 100k for another individual court bonds and 10grand for another cash only court bond for tax purposes

T. Augustus Claus
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answered on Sep 26, 2023

In Colorado, if you're looking to obtain financial records related to court bonds, such as accounting ledgers or tax ID information, you might consider filing a "Motion for Discovery" or "Motion to Compel Disclosure." These motions are generally used to request specific... View More

1 Answer | Asked in Contracts, Tax Law, Admiralty / Maritime and Civil Rights for Colorado on
Q: a motion for an assessment of the bond monies. Would be filed in what jurisdiction of a district Court?

Securing bond monies, obtaining the account ledger of monies, tax audit, and ledgers, of account.

T. Augustus Claus
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answered on Sep 26, 2023

In Colorado, if you're looking to obtain financial records related to court bonds, such as accounting ledgers or tax ID information, you might consider filing a "Motion for Discovery" or "Motion to Compel Disclosure." These motions are generally used to request specific... View More

2 Answers | Asked in Contracts, Real Estate Law and Tax Law for Colorado on
Q: Seller will only sell us the house if we also buy the furniture for $35000 in a separate transaction twice the value of

Furniture might be worth 10,000 max but seller wants 35000 in separate transactions from house perchase of 600000 we really want the house so we are forced into this furniture deal . Do we just go along with it and over pay for the furniture and keep the sellers happy it’s like they are hiding... View More

Michael Joseph Larranaga
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answered on Sep 22, 2023

Sorry, it is the seller's responsibility to deal with their taxes. It only becomes a problem for you when you both start colluding not to pay taxes.

The seller has the right to sell his property for as much as they want. We live in a free market so if a buyer will pay it then why not?...
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1 Answer | Asked in Tax Law and Probate for Colorado on
Q: Does a person need to give notification to an owner with back taxes. A certian amount of time to take care of a tax lien

Also if that owner is deceased and the there is a will showing that the property is given to a child but the probate haven't taken place yet due to possible fraudulent proceedings from ex wife with the will concerning other things not the property.

James L. Arrasmith
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answered on Sep 14, 2023

In Colorado, property owners are generally notified about tax liens and given a specific period to address the outstanding taxes. If the owner is deceased and there is an ongoing probate process, the resolution of tax matters may be addressed as part of the probate proceedings, which can vary in... View More

1 Answer | Asked in Tax Law and Employment Law for Colorado on
Q: I think my boss didn’t withheldtax for me.. so I owed so much money end of year.for 3 years..what should I do ?
Maurice Mandel II
Maurice Mandel II
answered on May 24, 2023

Both Federal and State laws require employers to withhold taxes, including both your income withholding and the employee's portion of employment taxes (SS, UI, etc) and pay those taxes to the proper taxing agency, whether Federal or State. You need to discuss your situation with either an... View More

1 Answer | Asked in Tax Law for Colorado on
Q: In Colorado, if a church rents its parsonage to a non-minister, will it need to pay state property tax?

The income from the rental will be given to the pastor for a housing allowance. Would this count as a "religious use" so they can remain tax-exempt for state property tax purposes?

D. Mathew Blackburn
D. Mathew Blackburn
answered on May 20, 2023

The income from the rental would be unrelated business taxable income. The income is 1. from a trade or business; 2. regularly conducted; and 3. not substantially related to their exempt purpose.

A Form 990 would need to be filed and tax paid on the UBIT.

This does not necessarily...
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3 Answers | Asked in Estate Planning and Tax Law for Colorado on
Q: A deed to a property goes into an irrevocable trust. Is the real estate taxable by the government?

Or is the property subject to the tax break the irrevocable trust receives?

Marc Carlson
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answered on Mar 29, 2023

Irrevocable trusts must distribute all income to beneficiaries each year, which makes the trust a pass-through entity. Those beneficiaries pay the taxes on income. However, capital gains are not considered income to irrevocable trusts. Instead, capital gains count as contributions to principle in... View More

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3 Answers | Asked in Estate Planning and Tax Law for Colorado on
Q: A deed to a property goes into an irrevocable trust. Is the real estate taxable by the government?

Or is the property subject to the tax break the irrevocable trust receives?

D. Mathew Blackburn
D. Mathew Blackburn
answered on Mar 29, 2023

Is the real estate taxable by the government? Yes.

Or is the property subject to the tax break the irrevocable trust receives?

It also would receive any tax breaks as well as being taxable.

It's still taxable when the tax assessed is $0.

That's going to...
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1 Answer | Asked in Employment Law, Immigration Law and Tax Law for Colorado on
Q: I'm a f1 student in the United States can I open an LLC to start getting commission from window sales as a door knocker?

I won't be in their payroll

James L. Arrasmith
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answered on Feb 19, 2023

Under the F1 visa, students are permitted to work in the United States, subject to specific conditions and guidelines outlined by the United States Citizenship and Immigration Service (USCIS). In order to maintain their status, F1 students must adhere to the terms and limitations of their visa.... View More

1 Answer | Asked in Contracts, Gaming, Small Claims and Tax Law for Colorado on
Q: My senior class organized a game where everyone buys in and receives a cash prize. Is this legal?

My senior class organized a game where everyone bought into the game and the winner receives a cash prize. It is organized by students, not affiliated with the school. Every player signed an agreement that they accepted the rules. Students are being kicked out of the game, despite not violating any... View More

D. Mathew Blackburn
D. Mathew Blackburn
answered on Feb 3, 2023

Contact the Colorado Attorney General to file a consumer protection complaint.

https://coag.gov/office-sections/consumer-protection/

This may also be considered theft and/or fraud. Filing a police report may be appropriate.

You would also have a civil action for breach of...
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2 Answers | Asked in Bankruptcy, Estate Planning and Tax Law for Colorado on
Q: How can I protect my separate assets (cash, savings, car) from my spouse’s potential future debt claims

How can I protect my separate assets (cash, savings, car) from my spouse’s potential future debt claims (IRS seizure, collection lawsuits from business and credit card creditors)? Divorce is not anticipated. This is in Colorado.

Rebecca Pescador
Rebecca Pescador
answered on Jan 25, 2023

This can be a tricky question, and it is my understanding that the answer may vary for different purposes, so it would be wise to also get opinions from a bankruptcy attorney and a tax attorney as well. This answer is going to be from an estate planning and family/divorce perspective. I do not... View More

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2 Answers | Asked in Tax Law for Colorado on
Q: I filed 2016 taxes in 2017. Its flagged identity theft. Never received my refund, what are my rights.

I’m trying to get my refund still today. My identity has been confirmed, I get told wait 3 months every three months. They are busy and I get that. I need this money or I will be homeless. What are my rights?

Carli Jo Aelker
Carli Jo Aelker
answered on Nov 1, 2022

To add a little bit to Linda's response - you could even get a little ahead by filling out an IRS Form 911. This is a written request for TPA help. Have that form completed when you call in and they will be able to give you more guidance on if you should mail or fax it in.

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