Taxes for selling contract

I got into a contract with a builder and bought a house. The house price was $800k and we chose $100k worth upgrades. So, the total house price was $900k. We were asked to pay 20% of the upgrades amount which is $20k. The builder never started the construction and we wanted to get out of the contract. There was an investor who was interested in this property. He gave us $60k and bought the contract. So, I made a profit of $40k in this transaction. Do I owe taxes for the profits I made? I just signed the contract with the investor and the investor transferred the amount to my account. I don’t have any other documents. How do I add this in my taxes if I’m filing online using intuit? Also, I sold the contract after waiting for a year.