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As a result, at this point, I’m expecting my wife and I will need an extension to file our 2017 taxes. My best estimate at this point is that we will not owe money for 2017 to the federal government, our home state, or the state where our rental property is located.

Aside from filing the extension request by the deadline, are there any key watch outs I should know about?

Do whatever you can to ensure that your 'best estimate' is really correct, as extensions do not mitigate the need to have all taxes paid by the original due date for the return. At least on the Federal level, taxes that are unpaid by that date will result in underpayment penalties and interest being owed, in addition to the unpaid taxes. The state laws may be different, so you would need to check those yourself.

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