Profit on house sold in Colorado

Forum|Forum|4 years ago
May 25, 2021
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I sold my home in Colorado and made a profit. When doing my federal taxes in turbo tax, it determined that my gain was exempt. But when doing my Colorado state taxes it didn't even go over the sale if my home. So now I'm left wondering if I have to pay state taxes on my gain. Can anyone help me figure this out?

Opus 17

Employee

Most states are "conforming", meaning they adopt the Federal definitions of "taxable income," "adjusted gross income" and so on. Assuming Colorado is a conforming state, if your home sale is not taxable federal income, it is not taxable state income either.

If it were taxable state income, and it did not flow automatically from the federal return, it would be one of the items listed on the page of "State adjustments to income" (this would be the page where any items that are not federal taxable income but are state taxable income would be added).