When should I be paying state rental taxes?

Question

Hello good people of BP,

I am having a difficult time finding info on when I am supposed to be paying taxes on my rental income in Missouri. Both properties are owned by a single member LLC and I was under the impression this is pass through income that you pay tax on every year when you file your state return. The only info I could find is regarding employers from the State of Missouri Employer's Tax Guide. Thank you for the help!

Jeff Nash · Answer

If your ever want information for a particular state you just need to navigate the applicable state’s taxing authority -https://dor.mo.gov/taxation/.

@Greg Scott gave good advice.

Greg Scott · Answer

Single member LLCs are almost always pass-through entities.

Hiring a CPA with real estate experience to do your taxes will let you sleep better at night, might help you find additional deductions to reduce your taxes, and save you a lot of brain damage.  I highly recommend it.

Basit Siddiqi · Answer

Your profile indicates that you are from Colorado.You would normally file a Colorado Resident tax return and a Missouri Non-resident tax return.If you pay taxes to Missouri, Colorado may provide you a tax credit for taxes paid to a different state.The one issue to be mindful when dealing with multiple states is that each state has their own rules on depreciation.Speak to an accountant if you have any questions.

Bill B. · Answer

Look up their state law regarding who has to make quarterly estimated tax payments. That’s the only obvious thing I can think of that could trip you up.

When should I be paying state rental taxes?

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