The lease form contains many detailed provisions not found in a standard oil and gas lease form. Due to its length, a summary would not adequately describe each of the terms. It is suggested that if you consider adopting the form for regular use, that you print the form and closely read and review it. The lease form is formatted in 8-1/2 x 14 (legal size).
Colorado Lessor's Form
Category:
State:
Multi-State
Control #:
US-OG-091
Format:
Word;
Rich Text
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FAQ
Business personal property includes machinery, equipment and leasehold improvements specific to business purposes. All personal property is taxable in Colorado unless specifically exempt by the Colorado Constitution.
Sales and Use Tax in Colorado - Lease and Rental, Sales of Services, Exclusions and Exemptions. ?Colorado imposes a tax upon the lease and rental of tangible personal property within the state. The sales tax treatment of leased property depends on the length of the lease term.
The IRS treats rental income as regular income for tax purposes. This means you'll need to add your rental income to any other income sources you may have when you file your taxes. Keep in mind that you may be able to deduct certain qualified expenses to decrease what you owe at the end of the year.
Income from rental activities are normally not subject to withholding taxes. Rental income is also taxable by the federal and state governments, even if it is a side job, part time business, and/or paid in cash. Income from self-employment and rental activities are not subject to withholding taxes.
Any lessor that will be collecting state and state administered sales tax in Colorado must apply for and maintain an active sales tax license and file a completed Lessor Registration for Sales Tax Collection (DR 0440).
In general, leases of tangible personal property are considered retail sales and are subject to Colorado sales tax.
Sales tax does not apply to the rental of a room used exclusively for banquets or meetings, except that the rental of any room or suite with beds is taxable, regardless of use. Counties in Colorado may impose a county lodging tax on the rental of rooms and accommodations subject to Colorado sales tax.
In general, leases of tangible personal property are considered retail sales and are subject to Colorado sales tax. However, a lease for a term of 36 months or less is tax-exempt if the lessor has paid Colorado sales or use tax on the acquisition of the leased property.