What is the Colorado 2% Withholding Real Estate Tax? Who does it apply to?
Oftentimes, in Summit County, Colorado, we have home owners that live outside of the state of Colorado. They may own property in Breckenridge, Keystone, Frisco, Copper Mountain, Silverthorne or Dillon, but their permanent residence is out of state. When they go to sell their home, condo or real estate, they may be subject to the 2% Withholding tax. Information below is provided by Land Title and is subject to errors and revisions.
In general, sales of Colorado real property valued at more than $100,000 and made by non-residents of Colorado, are subject to a withholding tax in anticipation of any Colorado income tax that could be due on the gain of the sale.