Do I need to file New York State income tax if the investment property net income is zero.

[guxin1985]

The real estate property in in New York and I am based in another state.

[BrittanyS]

Can you clarify if the real estate property was sold?

[guxin1985]

The property is not sold.  It is a long-term rental property. After expenses and depreciation, the net income is ~$1000.

[JohnB5677]

Yes, you should file the New York tax return, especially if you did not make a profit.  The loss will be carried forward in the state for future use.  If you don't file, you won't get credit for it.

[guxin1985]

I made a small profit in this case ($1000).

[DavidD66 · Accepted solution]

If you have a rental property located in the state of New York, you need to file a New York tax return whether the property had a profit, loss, or broke even.