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Out of state investing Tax Considerations- Illinois
I am looking at investing in either a turnkey rental or promissory note as an out of state investor (NC) in Illinois. The LLC/Corp is based in Illinois that I will be investing with/in.
I want to make sure I fully understand the tax consequences before making this investment. Will I have to pay state income tax in both Illinois and North Carolina? Or just in NC as that is where I reside?
Will I have to file both an NC and Illinois state income tax return?
Appreciate the help!