Tax for out of state investing

[Tyrone Hardy]

Hello BNO I wanted to ask if I live in Washington and invest in say Dallas would I need to file taxes in both states if I did a flip and made a profit.

Thanks

Tyrone

[Fred Heller]

If you have an entity like an LLC in Texas, you are subject to the state franchise tax. But you'll never pay it because the first (I think) $1.8Million in income is exempt.

But you do have to file a "no tax due" report with the Texas Comptroller every year. It's due May 15.