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Form 1040 - Schedule M for Thornton Colorado: What You Should Know
For purposes only of this chapter, “property” includes real property, tangible property, and software. Personal property includes real and personal property held on a tax-exempt basis, a transfer of a title to a car, boat, truck, vehicles, mobile home, or houseboat, and all buildings or portions thereof, owned and used primarily for personal or family use. Property services include services performed for which a fee is not included in the basic taxable income of the recipient on which tax is assessed, such as a portion of a fee paid by the recipient in connection with a professional services agreement or contract to perform a certain service for the recipient. If you are an individual (not a domestic corporation), you are personally liable for tax on all your personal property and property services. If you are a corporation (other than a partnership or S Corporation), you are personally liable for tax on all your property and property services. In addition, you are liable for tax on any income derived from the property and property services, subject to a limit as the following: The total amount of income taxed on your personal property and income is limited to 10,100 or 1% of the taxpayer's adjusted gross income. An individual taxpayer is required to pay tax on all of their personal property and property services at the lower applicable personal property tax rate. For additional information, see Table 1 — Personal Property Tax Rate for All Taxpayers, Personal Income Tax Table (Form 1040). If you have property or services acquired in a trade or business, your gross income is subject to both your personal property tax rate and the applicable business tax rate (subject to the limitation discussed in Tax on Property and Income as discussed under the Business Tax Rate). For more information see Code of Ordinances: Chapter 17.25, Article 3, Paragraph 4.02. For more information see Code of Ordinances: Chapter 11.25, Article 2, Section 2, Paragraph 11.02 and Table of Contents for Chapter 11.25, Article 2, sections 2, 4, and 5.
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