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Tom: The short answer is yes. Section 1031 is a federal tax code, so it is recognized in all states, so you can exchange from state to state.
If you are planning to sell an investment property in Colorado, you may be able to use a 1031 exchange to defer the capital gains taxes that would normally be incurred by such a sale. There are several rules that must be met, but a successful 1031 exchange can provide many benefits for you as an investor.
A CDOR spokesperson said taxpayers who have yet to receive their TABOR refund should call 303-951-4996 to see the status of their check. So far, the state has received only five reports of fraud or stolen checks.
Who is eligible for this refund? Individuals who were 18 years old before Dec. 31, 2021, were a Colorado resident for the entire 2021 income tax year and filed a state income tax return for 2021 qualify for the TABOR refund.
Taxpayers receive a refund at the end of the year when they have too much money withheld. If youre self-employed, you get a tax refund when you overpay your estimated taxes. While you might consider this extra income to be free money, its actually more like a loan that you made to the IRS without charging interest.
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Be at least 18 years of age on or before December 31, 2021; Be a Colorado resident for the entire 2021 income tax year; And file a state income tax return for the 2021 income tax year (or on extension by October 17, 2022) or apply for a Property Tax/Rent/Heat Credit (PTC) Rebate.
Tax-free exchanges refer to those instances enumerated in Section 40(C)(2) of the National Internal Revenue Code (NIRC) of 1997 that are not subject to Income Tax, Capital Gains Tax, Documentary Stamp Tax and/or Value-added Tax, as the case may be.
Why Would Someone Want to do a 1031 Exchange? Investors really like a 1031 exchange because they avoid paying taxes. The more taxes investors pay Uncle Sam, the less cash they have to reinvest.
303-951-4996 Contact the call center for questions about your TABOR refund. *Your refund status will not be available on the Revenue Online portal.
Example of a Tax-Free Exchange A taxpayer exchanges a medical office building worth $2 million and with an adjusted basis of $1.8 million for a similar building worth $2.1 million. The taxpayer pays the other party $100,000 in addition to the property given up.

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