Where should I set up my LLC?

[Harrison Ragone]

Hey everyone, my name is Harrison and I'm in the process of putting money down on my first rental property down in Florida. I am a NY resident and am confused on if I should file for one in my home state, or where the property is located.

Before anyone asks, yes, I know the pro's and con's of an LCC and have decided that it is best for me to make one.

I appreciate the help in advance!

[Roger R.]

You should form the LLC in the state the property is in. If you form in NY, you will have to file in Florida as a foreign entity raising your LLC yearly costs.

Even though the LLC is in Florida, you live in NY. You will be expected to pay NY income taxes.