While I am not sure what you mean when you say "long-term" rental, it sounds like you have a home that you are renting out for more than 30 days at a time. Owners and managers of units rented for less than
30 consecutive days are required to collect and remit sales taxes to the State of Colorado.
Your rental property would be reported on the Schedule E, and the net income on the property would be subject to tax. You would report the rental income along with expenses incurred for the rental, for example mortgage insurance, perhaps a management fee if you pay someone to look out for the property, etc. More details on rental property deductions can be found here (https://turbotax.intuit.com/tax-tips/rental-property/rental-property-deductions-you-can-take-at-tax-...)
Depending on the profitability, you may want to estimate your taxes due based on a projected rental income less expenses forecast and make estimated payments to avoid any underpayment penalties. The same would apply for Colorado, you can make estimated tax payments to avoid any underpayment penalty. Additionally, you can use our software to calculate your estimated tax payments, and instructions can be found here:
https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...
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