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Old 07-25-2008, 01:06 AM
 
22 posts, read 66,476 times
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I'm considering a move to Colorado from Florida, a state with no state income tax. From my research, CO has a 4.63% flat tax on all income and capital gains.

I currently have a Florida property that will have to sell if I move to Colorado. The real estate market sucks here and it may be months or years before I sell the property. I may be forced to rent it out in the meantime.

If I establish residency in Colorado and then sell my Florida property at a later date, will I have to pay Colorado capital gains taxes on it? I will owe no federal taxes because my capital gain will be under $250,000 and it was my primary residence I lived in for 2 of the previous 5 years, and of course no Florida state income taxes because there is none.

But what about Colorado taxes? I assume I will have to pay CO taxes on any Florida rental income, right?
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Old 07-25-2008, 10:24 AM
 
Location: Just south of Denver since 1989
11,825 posts, read 34,425,536 times
Reputation: 8970
Your CO income comes from your fed tax return.
see https://www.netfile.state.co.us/file2007/Welcome.jsp2
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Old 07-25-2008, 11:35 AM
 
Location: Foot of the Rockies
90,297 posts, read 120,711,654 times
Reputation: 35920
Quote:
Originally Posted by 2bindenver View Post
Your CO income comes from your fed tax return.
see https://www.netfile.state.co.us/file2007/Welcome.jsp2
And I would hire a tax preparer, at least while you are still dealing with Fla. income.
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