I'm military and move around a lot. I have two properties in FL and one here in CO. I was wondering if it's better tax-wise to have the FL property income under a FL LLC or if it matters at all? Can I put it under my CO LLC? Am I able to have a FL LLC if I live in CO?
Update since I can't edit the post: I know I can have the FL LLC while I live in CO and I know I can put the FL properties under my CO LLC. I'm just making sure I'm not messing myself up tax-wise. Thanks!
As a former Marine and a real estate broker/investor I'm not qualified to answer your question, but I do want to take this opportunity to thank you for your service.
Feel free to reach out to me if ever in my neck of the woods. Miami-Dade County.
I hope you have a happy new year!
All the best!
Thank you for YOUR service! It's been a great ride so far. (Oorah.)
We're military, too, and recently moved to FL. I recently contacted my CPA, and asked if I can use my AZ LLC for FL properties. He said I need to register my AZ LLC with Sunbiz as a "foreign entity" doing business in FL. If you are using your out-of-area LLC to purchase properties in a different State, I suspect you will want to do the same.
It won't effect you at all with your taxes, out of state entities own properties in other states all the time. You will have to pay CO state income tax on any income attributed to the CO property. Since FL does not have a State Income Tax you don't have to worry about that. And of course you will have to pay Uncle Sam but he doesn't care what state your in.
Hope this helps