No. It's understandable why there can be confusion. The issue is that in almost all tax law scenarios, both federal and state, the filing requirement for a return considers only the income. The return is required to be completed to show there is a loss that is created because the expenses are more than the income. This is true for rentals and businesses and other income such as sales proceeds for capital gains or losses.
In the end you have no income and therefore no tax liability. The TurboTax verbiage adds the loss provision to provide the complete information about filing requirements.
