Out of State tax for a new LLC

Member since 2019 · 14 posts · 0 votes

how to file my taxes for 2019, when I have an LLC in calif. and one in texas under a LLC in wyoming. I need help are there any tax people out there that can help me without costing me an arm and a leg. I live in California

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Katie L.

Attorney and CPA · San Diego, CA · Member since 2017 · 590 posts · 422 votes

@Leo Hurtado

Where in CA are you located? I have names for CPAs in San Diego if you're interested.

*This post does not create an attorney-client or CPA-client relationship. Readers are advised to seek professional advice.

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Christopher Smith
Investor · brentwood, CA · Member since 2016 · 1k+ posts · 730 votes
6y
Are these all single member LLCs (i.e., all with you as the sole owner and no election has been made to treat them as corporations)? If so, then the treatment for Federal purposes is relatively straight forward. You simply report the LLC's activities directly on the forms you would otherwise use (i.e., the LLCs as an entities are disregarded for Federal Income tax purposes). Having a CA LLC you will have the privilege of paying an additional $800 charge on your CA return, and you may also owe another $800 fee for both the Texas and Wyoming LLCs if your activity rises to a certain minimal level.
If any of these entities are multiple member LLCs they may be taxed as partnerships and its my guess you will need some professional assistance for that.
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Katie L.
Attorney and CPA · San Diego, CA · Member since 2017 · 590 posts · 422 votes
6y
@Leo Hurtado
Where in CA are you located? I have names for CPAs in San Diego if you're interested.
*This post does not create an attorney-client or CPA-client relationship. Readers are advised to seek professional advice.
1 Reply
Sean Morrison
Attorney · Slidell, LA · Member since 2016 · 322 posts · 179 votes
6y
Talk to @Bob Norton. He specializes in real estate investing.
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Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
6y
You're likely going to lose more money from doing the returns wrong than if you pay a professional to do it. One of the biggest financial advantages of rentals is the tax benefits, and they're changing all the time. Better to have a pro handle it. You absolutely get what you pay for in that arena.
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Leo Hurtado
OP
Member since 2019 · 14 posts · 0 votes
6y
Originally posted by @Christopher Smith:
Are these all single member LLCs (i.e., all with you as the sole owner and no election has been made to treat them as corporations)? If so, then the treatment for Federal purposes is relatively straight forward. You simply report the LLC's activities directly on the forms you would otherwise use (i.e., the LLCs as an entities are disregarded for Federal Income tax purposes). Having a CA LLC you will have the privilege of paying an additional $800 charge on your CA return, and you may also owe another $800 fee for both the Texas and Wyoming LLCs if your activity rises to a certain minimal level.
If any of these entities are multiple member LLCs they may be taxed as partnerships and its my guess you will need some professional assistance for that.

these are all single member llcs. actually california and the texas llc are owned by the wyoming llc and the wyoming llc owned by me.
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Leo Hurtado
OP
Member since 2019 · 14 posts · 0 votes
6y
thank you all for your feedback.
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Leo Hurtado
OP
Member since 2019 · 14 posts · 0 votes
6y
im in riverside ca.
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
6y
@Leo Hurtado

Texas and California both have a requirement of filing a separate LLC tax return even if it is a single member LLC.
Are you open to working with an accountant remotely?

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.
There are 20+ accountants on this message board who specialize in real estate taxation. Feel free to reach out to a couple and use the one you connect with the most.
[email protected]917-280-8544
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