Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This is sandeep i am buying a commercial real estate in

Customer Question
Hi this is sandeep i am...
Hi this is sandeep
i am buying a commercial real estate in florida. I live in NY. Intent is to hire local property managers to manage the property, and any income the property generates after the operating cost and loan cost are paid would become income for me. I want to form an llc for this property. Should I just it in Fl or better to have the llc in NY - what else do i need to consider. (today, i file FDA returns and NY returns for my normal w2 earnings and other dividend incomes). Pls advise where to form the llc ad what else need to be considered. (need to minimize any tax impacts)
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
8/1/2017
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,650
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

It is usually best to form the LLC in the state where you are located. Because you are a resident of NY, you will pay tax on any income from the rental property in FL. FL does not have personal income tax.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Customer reply replied 1 year ago
why is it better to form llc in NY v florida? If i'll pay tax in NY independently of where the property is......what are the llc overhead in NY v florida.....i'm told it better to have Fl llc..pls clarify all the implications. The response you gave ...I already know that. I would like to understand why Florida v NY for the llc
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
We currently live in illinois. we just retired and have a
we currently live in illinois. we just retired and have a home in florida where we are spending 6 months or more. have rental property in illinois. we plan to become florida residents sometime soon. w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A Question about state tax on rental income from Florida
A Question about state tax on rental income from Florida properties while I live in California … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
If I am a florida resident and sell a commercial property in
if I am a florida resident and sell a commercial property in NY state (Brooklyn), how much (%) capital gains/tax would I pay? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm a real estate agent in NYC and in Miami, FL. I also own
I'm a real estate agent in NYC and in Miami, FL. I also own investment property in FL and plan to continue to build up my real estate portfolio, while collecting real estate commission on sales in bot… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,601 satisfied customers
I own a DE LLC with a single office location in New York.
I own a DE LLC with a single office location in New York. I'm hiring telecommuters in other states (e.g, OH, MD). Since NY has the "convenience of employer rule", I think I need to withhold NY income … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Second opinion] I have been living in NYC since June 2016I
Second opinion] I have been living in NYC since June 2016I sold a business in May 2017 while living in New York City.I was paid over $1 million as pass through income from my multi-member Nevada LLC i… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am thinking to buy a property in FL which is out of state
I am thinking to buy a property in FL which is out of state for us and open LCC with my husband.Q1. Can I just open LCC online? is it easy to do? Which online site is good to use?Q2. What if I open LC… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
A person wishes to move to FL and sell their home in NY. the
a person wishes to move to FL and sell their home in NY. the NY home will be an installment sale. should they move to FL first then sell the NY home in an effort to pay lower tax's? also how many days… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
A person wishs to move to florida and become a resident.
a person wishs to move to florida and become a resident. what are the requirements as far as days you have to live in the state etc. also they will be selling their NYC home and holding the mortgage. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Property,can I transfer property to New LLc which will be on
For rental property,can I transfer property to New LLc which will be on wife's name?I need to save on taxes.… read more
Peter Griesch
Peter Griesch
264 satisfied customers
I live in the state of Florida, I started a new job with a
I live in the state of Florida, I started a new job with a company based in Ohio, that also has operations in GA, PA, NY. I have employees that work for me in all those states and travel frequently to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am considering opening a investment company in the trading
I am considering opening a investment company in the trading of securties. I reside in Florida my partner resides in New York. Our question is which type of corporate entity and in which state would g… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I am a Florida resident working for a C-corporation established
I am a Florida resident working for a C-corporation established in every state including Florida, I am able to work (as employee, W2) via Internet and do go to other states while working for various r… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Hello - In March of 2010 I moved to NYC from Florida. I have
Hello - In March of 2010 I moved to NYC from Florida. I have a SCorp that is incorporated in Florida since 2009. My registered agent, bank account and physical address (UPS Store) are still in place i… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
1) Do I have to pay self-employment tax on profits if I already
1) Do I have to pay self-employment tax on profits if I already pay self-employment tax on my job (I assume the answer is no to Social Security tax b/c I already maxed out, but yes to Medicare?) 2) If… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
236 satisfied customers
two elderly people married, he lives in Florida, her in NY.
two elderly people married, he lives in Florida, her in NY. He is retired with Social Security and a small w2 from FL, she has a normal salary with a w2 from NY. They share interest/dividends, first t… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
Commerical Equity Line of Credit - Interest Deduction
If I take out an equity line of credit on a commercial property in NJ, use such proceeds as a capital contribution to a new business entity in Florida which in turn invests the proceeds in Florida com… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I have a 5 year old partnership in NY state with my wife.
I have a 5 year old partnership in NY state with my wife. We develop computer software. We own a house in NY state and a house in Florida. We live in NY 8 months a year, and Florida 4 months a year. O… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x