DR 0026 (10/24/19) COLORADO DEPARTMENT OF REVENUE Sales Tax Accounting Section Denver CO 802610009 (303) 238SERV (7378) Colorado.gov/TaxTax Statement for Leased Motor VehicleIn lieu of Standard Sales.
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How to fill out the CO DR 0026 online
The CO DR 0026 form, also known as the Tax Statement for Leased Motor Vehicle, is essential for auto dealers when selling vehicles to lessors. This guide will provide clear, step-by-step instructions on how to complete this form online, ensuring that you meet all requirements accurately.
Follow the steps to fill out the CO DR 0026 online:
- Click the 'Get Form' button to access the CO DR 0026 form and open it in your editor.
- Begin by filling out Part 1: Vehicle Information. Provide the model year, make, model, and the Vehicle Identification Number (VIN) to accurately identify the motor vehicle.
- In Part 2: Lessee Information, enter the name and address of the lessee, along with the name and address of the designated driver.
- Proceed to Part 3: Lessor Information, where you will input the lessor's name and address, the name and address of the delivery agent, the date of the lease, as well as the dealer number and both the Colorado sales tax account number and city sales tax account number if applicable.
- For Part 4: Sales Tax on Amount Paid at Signing and Delivery, fill in the total amount paid at signing and delivery, and record the tax rate and tax remitted on forms DR 0100 and DR 0026.
- If applicable, complete Part 5: Sales/Use Tax Payment for Home Rule City by indicating the home rule city name, taxable amount, tax rate, and tax remitted with DR 0026.
- Finally, summarize the total amount due in Part 6 by adding the amounts reported in Parts 4 and 5 under 'Tax Remitted with DR 0026'.
- After reviewing all entered information for accuracy, save your changes, and you can then download, print, or share the completed form as needed.
Complete your CO DR 0026 form online today to ensure compliance and timely submission.
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What is Colorado auto tax rate?
State Sales Tax When a vehicle is purchased in Colorado, state sales must be collected. All buyers must pay 2.9% of the purchase price for state sales tax. If the vehicle is purchased from a dealer in Colorado, the dealer will collect the state sales tax and remit it to the state.
What is specific vehicle tax Colorado?
When a vehicle is purchased in Colorado, state sales must be collected. All buyers must pay 2.9% of the purchase price for state sales tax. If the vehicle is purchased from a dealer in Colorado, the dealer will collect the state sales tax and remit it to the state.
What is Colorado prior specific ownership tax?
Prior Ownership Tax: Ownership Tax is equivalent to personal property tax. Prior ownership taxes are calculated from the month following the month of purchase through the month of the application for registration. Example: Month following the month of purchase is February.
How is specific ownership tax calculated in Colorado?
These taxes are based on the year of manufacture of the vehicle and the original taxable value which is determined when the vehicle is new and does not change throughout the life of the vehicle. The specific ownership taxes you paid for a registration year are on the back of your registration receipt.
What is Colorado specific ownership tax?
The specific ownership tax was enacted in 1937 and is contained in Article X, Section 6, of the Colorado Constitution. The tax is based on the value of the vehicle and is paid each year that a vehicle is registered in Colorado. It is imposed on cars, trucks, trailers, mobile homes, and special mobile machinery.
How much is Colorado state sales tax?
There are jurisdictions that collect local income taxes. Colorado also has a 2.90 percent state sales tax rate, a max local sales tax rate of 8.30 percent, and an average combined state and local sales tax rate of 7.78 percent. Colorado's tax system ranks 21th overall on our 2023 State Business Tax Climate Index.
What is the retail sales tax return in Colorado?
Retailers must enter the due date for the return. Returns are due the 20th day of the month following the close of the filing period. If the 20th is a Saturday, Sunday, or legal holiday, the return is due the next business day. Monthly Returns: due the 20th day of the month following the reporting month.
Why is Colorado vehicle registration so expensive?
Because it is a tax. Most states have a progressive car tax: The newer and more expensive the car, the higher the registration fee.
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