I live & work in Illinois. I bought vacant land in 2007 for $35,000 in Colorado. In 2023 I sold this vacant land in Colorado for under $100,000 and received a 1099-S (Proceeds from Real Estate Transactions). Do I need to file my taxes in the state of Colorado along with Illinois?
Yes. But you only report the sale of the land on the CO return. Prepare the nonresident CO return first, so that any tax you pay gets credited to your IL resident return.
Enter everything on the federal return, TurboTax will transfer all of your income to the state returns. Then you go through the CO return, allocate only the gain from the sale. And then prepare the IL return, making sure you receive credit for any tax paid to CO. Directions are in the link below.
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