Do I owe taxes both state and federal since I sold some land in 2023 in Colorado in the same state that I live do I have to show a profit and be taxed on it?

[DianeW777]

It depends.  If you made money, sold the land for more than you paid for it, plus improvements, plus purchase expenses, less selling expenses, then you must report the sale and pay tax on any gain. This would apply to both federal and state returns.

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