When navigating the complexities of real estate transactions in Colorado, understanding certain tax obligations is paramount. Among these responsibilities is the necessity for some to familiarize themselves with the DR 1079 form, a crucial document for managing withholding tax on the transfer of real property interests. As mandated by the Colorado Department of Revenue, this form ensures that the appropriate taxes are collected and credited in a timely and efficient manner. Designed for various types of transferors, including individuals, corporations, estates, trusts, and partnerships, the DR 1079 form requires detailed information about the parties involved, including Social Security numbers or Colorado Account Numbers for accurate tax account crediting. The form plays a pivotal role in the financial aspect of property transactions, serving not only as a means to remit withheld taxes but also as a tool to facilitate correct tax filing. With a clear directive that a separate DR 1079 form must be filled out for each transferor due a tax return, and specific instructions for its completion and submission, the importance of this paperwork becomes evident. It's not just about fulfilling a legal requirement; it’s about ensuring the smooth progression of property transfers while adhering to Colorado's tax laws. As such, correctly handling the DR 1079 form is an essential step for anyone involved in the sale or transfer of real estate within the state, requiring attention to detail and an understanding of its implications on the overall transaction.
| Question | Answer |
|---|---|
| Form Name | Form Dr 1079 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | dr1079 colorado tax form dr1079 |
DR 1079 (08/27/13)
COLORADO DEPARTMENT OF REVENUE
Denver, CO
WWW.TAXCOLORADO.COM
2014 Payment of Withholding Tax on Certain Colorado Real Property Interest Transfers
Departmental Use Only
*141079==19999*
Photocopy for your records.
Transferor is (check one): (0010) Individual |
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(0020) Corporation |
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(0030) Estate or Trust |
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(0040) Partnerships |
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Last Name of Transferor or Transferor's Business Name |
First Name |
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Colorado Account Number |
FEIN |
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IF NO PAYMENT IS DUE, DO NOT FILE THIS FORM.
The State may convert your check to a one time electronic banking transaction. Your bank account may be debited as early as the same day
received by the State. If converted, your check will not be returned. If your check is rejected due to insuficient or uncollected funds, the Department
of Revenue may collect the payment amount directly from your bank account electronically.
Amount of Payment
$.00
Instructions
Use DR 1079 to remit Colorado tax withheld on transfers of real property interests. The determination of the amount to be withheld, if any, will be made on DR 1083.
The amount of the withholding tax remitted will be credited to the Colorado income tax account of the transferor as an estimated payment. The transferor must claim credit for the payment on the Colorado income tax return. For this
reason it is extremely important that a separate DR 1079 is completed for each transferor who will be required to ile
a Colorado income tax return, and that the correct Social Security number (for individuals) or Colorado Account Number (for other business entities) is listed on each form.
Send the DR 1079, remittance for the tax withheld and the DR 1083 to the Colorado Department of Revenue, Denver, CO
Be sure to round your payment to the nearest dollar. The amount on the check and the amount entered on the payment voucher must be the same.
This will help maintain accuracy in your tax account. Write the Social Security number or Colorado Account Number and the transferor's name on the check.
For Privacy Act Notice, see publication FYI General 2.
Send with check or money order payable to the Colorado Department of Revenue, Denver, Colorado
Write the transferor's Social Security number or Colorado Account Number and “2014 DR 1079” on your check or money order.
Do not send cash.
Enclose, but do not staple or attach, your payment with this voucher. File only if you are making a payment.
Mail to and make checks payable to:
Colorado Department of Revenue
Denver CO