Announcement

Collapse
No announcement yet.

LLC IL or FL for a rental

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    LLC IL or FL for a rental

    Client, Scorp, ILLINOIS based, bought rental property in Florida under client's own name.

    Client wants to create LLC for this rental.

    (1) What is better - To form a LLC in IL or Florida?

    (2) Tax impact in either situation?

    Thanks!
    Tags: None
    #2
    Originally posted by TAX View Post
    Client, Scorp, ILLINOIS based, bought rental property in Florida under client's own name.

    Client wants to create LLC for this rental.

    (1) What is better - To form a LLC in IL or Florida?

    (2) Tax impact in either situation?

    Thanks!
    In my research, I found that it is better to have LLC in Florida as all income and expenses are in Florida. Any thoughts?

    Thanks!

    Comment

      #3
      I had a client

      with real estate in multiple states (Mn and FL) in one LLC, which was formed in MN. the LLc still had to register in FL. Seemed to work out just fine.

      ATG
      "Congress has spoken to this issue through its audible silence."
      Anyone ever notice they beat the daylights out of the definition of a child, but they don't spend much time at all defining "parent"?

      Comment

      Previous template Next

      Disclaimer

      Collapse

      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

      Working...
      X