I have 3 SFH rentals in St. Petersburg and I live in New York. I'm in the process of filing for an LLC in Florida. I need an Accountant who understands the tax laws in Florida and New York.
If anyone can make a recommendation, that would be great.
I know a great accountant in Boca Raton, FL. He practiced in NY for 9 years before opening a branch of the firm in FL. Joshua Hanover at Mark Paneth LLP, you can PM me for his direct contact. His main focus is Real Estate.
@Francene Iaizzo sorry forgot to tag you before.
@Account Closed Thank you for that advice. It's good to know others on BP have done this and that it works!
I'll take a look at Tax & Legal.
You should consider working with a CPA that has a team of people who can advise you on multi-state taxation issues since that is definitely something you need to consider.
@Lance Lvovsky Thank you. I'm working on it!
Florida does not have a state income tax so you are not required to file an individual income tax return with Florida.
As a NY Resident - you are required to report worldwide income which includes your rentals in Florida.
Will the LLC you create have one member or multiple members?
If it is a multi-member LLC - the LLC may be required to file a partnership return.