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Updated about 3 years ago,
OOS investors, does your rental income get double taxed?
Hi all,
I am a newbie investor living in CA and I am just about to close my first rental purchase in IL. But, my CPA told me that since I live in CA and the rent is coming from IL, the rental income will be double taxed by both IL and CA, and this is on top of the property tax that I am paying to the IL.
Is that the case at all? I did not know this until my CPA mentioned it. And my IL agent told me she never heard of that, either. If this is the case, is there any remedies?