Tax related questions for seasoned investors or cpa

[Rob Ko]

I am looking into buying a long distance rental property. I was wondering what are the tax regulations. Will I be double taxed, once in my home state and the other time at the state where the actual property is? 

I would like to account for a tax expense in my property analysis. 

Thank you in advance. 

[Basit Siddiqi]

@Rob Ko

The answer to this question depends on several factors - the general guideline is that you will not be faced with double taxation at the state level. States provide a credit for taxes paid to another state.

However, there are some things to take into consideration - will your rental property generate income or a loss?
Does the state you live in a gross income state(only factors positive income factors) or does it factor both income and losses to come up with AGI.