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bill-s1
New Member

Should I owe CO state tax on CO rental income (I am a CA resident) if my deductible expenses are greater than the income, so no net income?

 
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DanielV01
Expert Alumni

Should I owe CO state tax on CO rental income (I am a CA resident) if my deductible expenses are greater than the income, so no net income?

No, you won't owe CO tax if you have a rental loss.  You have no net income for Colorado, so there will be no tax.  Even though this is the case, however, you may still choose to file a Colorado return.  This may be the case, for example, if you claimed positive rental income in a prior year to Colorado.  But, without any net income, you are not required to file a Colorado return, and you won't owe tax to Colorado.

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2 Replies
DanielV01
Expert Alumni

Should I owe CO state tax on CO rental income (I am a CA resident) if my deductible expenses are greater than the income, so no net income?

No, you won't owe CO tax if you have a rental loss.  You have no net income for Colorado, so there will be no tax.  Even though this is the case, however, you may still choose to file a Colorado return.  This may be the case, for example, if you claimed positive rental income in a prior year to Colorado.  But, without any net income, you are not required to file a Colorado return, and you won't owe tax to Colorado.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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ckjacroux
New Member

Should I owe CO state tax on CO rental income (I am a CA resident) if my deductible expenses are greater than the income, so no net income?

So glad someone else had the same question! 
As an extension - when I do the calculations manually, I come up with a $-92 tax.  How does that work with taxes?

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