Yes but 'It is red' might imply that its name is red or something like that. Saying that 'its colour is red' is more specific.
Why does 'koloro' end with an 'o' when it's not an noun / an object? I keep spelling it kolora by mistake.
"it's" is perfectly fine!!! it's called an apostrophe of ownership! it didn't accept it because i added the apostrophe!
"Its" without the apostrophe is the possessive form and denotes ownership. "It's" with the apostrophe is a contraction of "it is" and is never used to denote ownership unless paired with a possessive pronoun (e.g. "It is his.")