Opening a Foreign LLC

[Salvator Lorick]

Good evening everyone,

I am very new to REI. I just moved to NY a few months ago and looking to begin my REI career here. As we all know NY is not very friendly when it comes to taxes. Would I be able to open a foreign LLC in a more tax lenient state like Nevada or Wyoming but purchase Real Estate in NY? Also would I have to pay taxes in both states? I understand that any info that is given is not legal advice. Any help that you all can provide would be greatly appreciated. Thank you in advance

[Basit Siddiqi]

@Salvator Lorick

I don't think opening an LLC in Nevada or Wyoming will reduce the tax burden in the way you are looking.

As a NY resident, you are required to report worldwide income which would include the income earned by the LLC registered in WY/NV that owns properties in NY.

You may or may not have a state filing in NV/WY. States typically require a state return 
A) if the state has an income tax filing requirement
B) You have sales, property or payroll within the state(depending on the states requirements).