Posted by John Smith, IV on September 24, 2003 at 24:47:39:
State Income Taxes
What is the tax liability for someone who lives in a state like Florida where there is no state income tax when one deals in property in a state with state income tax?
What if for example you are buying and flipping a property in a state with state income tax?
Or investing in Tax lien certificates in such a state?.
Or how about doing Lonnie deals in such a state?
How about when you flip a note in such a state?
How about when you keep those properties or notes for your own portfolio?
Please someone explain.
Do you have to file a tax return in each and every state where you made a deal?