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Investors & landlords
However, since the net income was $0 you are not required to file the New Mexico return this year
The reason I question this is because you still have to account for the depreciation on the state return don't you? I would think not filing the NM state return would cause a serious and potentially costly problem with depreciation recapture on the state return, in the tax year when the property is sold.
‎July 6, 2020
4:45 PM