Does Colorado follow the same rules as IRS on sale of primary residence

derrellgreen7142 — Tue, 04 Jun 2019 23:38:29 GMT

Yes, you can exclude the gain on the sale of a primary re...

MichaelL1 — Tue, 04 Jun 2019 23:38:30 GMT

Yes, you can exclude the gain on the sale of a primary residence for Colorado.

The starting point for your Colorado return is your federal taxable income.

Adjusting that income for the gain on the sale of a primary residence is not included in the definitions of additions to federal income.

Additionally, if a portion of your gain is included in your federal income, you may be able to subtract it from your Colorado income.

The amount you can exclude is up to $100,000.

See Page 11 of the instructions for Co tax returns (https://www.colorado.gov/pacific/sites/default/files/104Book.pdf) for more information.