Posted by Rainbow on November 07, 2005 at 12:12:07:
Well, I’ll concentrate in marketing in Florida, and when I need to grow my “farm” area I’ll let the CPA handle it.
Thank you.
Deals in multiple states - Posted by Rainbow
Posted by Rainbow on November 06, 2005 at 19:21:59:
Many investors go out of their comfort zone and state to do deals.
How do you handle income taxes when you have made flippings in several states?
Re: Deals in multiple states - Posted by Rainbow
Posted by Rainbow on November 06, 2005 at 19:23:11:
I’m mostly talking about dealing with STATE income taxes when dealing with properties in multiple states.
Tax Preparer Handles easily - Posted by Jimmy
Posted by Jimmy on November 07, 2005 at 06:34:38:
This is an easy task for a tax preparer. They use tax preparation software with every state’s returns available.
if you are a “do it yourself” preparer, you might need to do some research to identity and secure the right forms. I don’t recommend it unless you are tax-sophisticated.
Re: Tax Preparer Handles easily - Posted by Rainbow
Posted by Rainbow on November 07, 2005 at 12:09:25:
Thank you.
Re: Tax Preparer Handles easily - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on November 07, 2005 at 11:53:40:
Doing business in several states can be quite complicated. Many states now have withholding requirements for nonresidents. If you hold more than one property in a single entity, you may be required to allocate income to each state based on a three factor formula. The income allocated to a state would include (based on the three factor formula) income from the sale of a property in another state.
Work with someone who is very comfortable with issues surrounding doing business in more than one state.
John K Haslach, CPA, MST