My colorado gross rental income from 1 property is $48 thousand. I have expenses of $50,000 which includes property tax and interest and maintenence and management fees. I also have depreciation expense of $30,000. Should I include $48 thousand as my colorado rental income or should I deduce the $50,000 and $30,000 and show MINUS ($32,000) as my colorado income from rents on the state return?
