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Land is typically investment property.
In TurboTax, you can report the sale in the Stocks, Mutual Funds, Bonds, Other section of the program. If you held the property for personal use, you should so indicate as you cannot deduct a loss in that instance. However, you must report a gain and are liable for any taxes due on that gain.
Note that you have Colorado source income so you may be required to file a non-resident Colorado return.
@tagteam wrote:
Note that you have Colorado source income so you may be required to file a non-resident Colorado return.
This will be Colorado sourced income so you will need to add the Colorado module to your Turbotax account and file a "non-resident" Colorado return. Turbotax will ask you to tell it what part of your income is from Colorado, and you will report only the sale of property (and not wages or other income).
Florida does not have a state income tax.
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