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For an LLC registered in one state that owns a rental property

in a different state, in...
For an LLC registered in one state that owns a rental property in a different state, in which of these 2 states should the State Tax return be filed?

Thank you.
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Answered in 1 minute by:
7/3/2011
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,039
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good morning. The rental property income will be reported on the state tax return for the state in which the rental property is located. The LLC may have to file a state tax return for the state in which it is organized, but the rental property income will not be reported on that return.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Customer reply replied 6 years ago
Thank you for the quick reply.

So that I understand:

The LLC should file a non-resident tax return in the state where the rental property is located, reporting the income/loss, correct?

What determines whether the LLC has to file a return in its registered state as well? (You had said, "may have to file...")

Do the members receive K1s from BOTH of the states involved, to use on their personal returns?

Thank you!
The LLC should file a non-resident tax return in the state where the rental property is located, reporting the income/loss, correct? Yes

What determines whether the LLC has to file a return in its registered state as well? (You had said, "may have to file...") Whether or not that state has a state income tax and if the LLC had any other income.

Do the members receive K1s from BOTH of the states involved, to use on their personal returns? If the answers to question 2 is yes, then yes; if the answers to question 2 are no, then no.
Richard
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