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Updated over 2 years ago,
CA resident with NV properties - looking to form LLC
Hi all, I'm looking for advice regarding my specific situation. I've searched many posts but couldn't find any specific relevant to my unique situation, so please bare with me.
1. I'm currently a CA resident W2 earner with multiple rental properties in NV. NV rental properties are under my personal name with umbrella insurance.
2. I'm planning to move to NV in 2 years (I would still be employed by the same company, but I can avoid income tax by moving to NV).
3. I would like to form an LLC and put all my NV rental properties in the LLC this year (for many reasons such as liability protection by forming the LLC, legal advantage such as charging order protection, and lastly the anonymity).
My question is:
a) should I form the LLC in NV? Understand that I would still pay taxes in CA, but figured I wouldn't be after 2 yrs when I move to NV
b) should I form the LLC in CA now and convert when I move to NV in 2 years? I've "heard" this could be difficult and CA would somehow try to get you to still pay taxes after you move - would love to hear from someone who has actually done this and your experience and result.
Thanks in advance!