annco9
New Member

Home sale tax impact

I am 81 years old and working toward selling my property after living in the house for 20 years and purchasing an apartment in a senior living facility. The appraised value of my property is about $1.3M and the apartment will cost less than $700K. What are the tax impacts both federal and in Colorado? Also, who should I talk to about the details of this sale: lawyer, financial advisor, etc.? Thank you.