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Old 07-02-2007, 06:19 PM
 
1 posts, read 3,752 times
Reputation: 12

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My wife and I are retired and live in Mexico full time. Our source of income is principle and interest etc. from our investments.

We would like to buy a condo or town house in Colorado to escape the summer in Western Mexico each year, but don't want to pay state income taxes on our hard earned savings.

Does anyone know how the state of Colorado treat part year residents when it comes to unearned income derived outside of Colorado? Our plan would be to spend June thru October in Colorado.

Because we live in Mexico, but need to maintain US registeration for our vehicle for auto insurance purposes, we would be wanting to register our truck in CO also.

Thanks for your help

M & M
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Old 07-02-2007, 09:28 PM
 
8,317 posts, read 25,091,437 times
Reputation: 9065
When I lived in Colorado, I paid my taxes there. The year I left, I paid taxes on the income I made in Colorado for the portion of the year in which I moved, including taxes on the interest income on savings, investments, etc. that I made during the part of the year that I was there. A CPA could tell you whether or not you would HAVE to do that, I guess. I did it that way because it WAS THE RIGHT THING TO DO. If you're gonna live in the state, part-time or full time, then pay your fair share of taxes there. The people who live in Colorado full-time have to pay taxes on their "unearned" income. Why shouldn't you?
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