C.R.S. § 15-1.2-405

(1) To the extent a fiduciary does not account for the management of rental property as a business under section 15-1.2-403 , the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods: (a) Must be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this article 1.2; and (b) Is not allocated to income or available for distribution to a beneficiary until the fiduciary’s contractual obligations have been satisfied with respect to that amount.