Do I REALLY need to file a Colorado return??? My amount to them is 0. Can I assume Colorado doesn't have time?? This is a rental property that is operating in the neg

[ChelsiE2]

You must file a Colorado income tax return if during the year you were:

• A full-year resident of Colorado, or
• A part-year resident of Colorado with taxable income during that part of the year you were a resident, or
• A nonresident of Colorado with Colorado source income;

AND

• You are required to file a federal income tax return, or
• You have a Colorado income tax liability for the year.

Please note: Income is generally considered to be the gross amount you made and not the net amount.  If you are a nonresident for Colorado but have a rental property there, Colorado will want to see a return from you even though your net rental income is zero.

[mcpolland]

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?

[mcpolland]

I actively participated, but I am not a "real estate professional".