Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 24, 2024 9:34:27 AM

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?

0 1 161
1 Replies
Expert Alumni
Feb 24, 2024 9:38:40 AM

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.

 

Please add any additional information if you are unclear about anything and we can help.