LLC Structuring For An Out Of State Rental Property.

[Gabriel E. Galloza]

Hello BP Community,

Hope all is well. I recently moved to Utah, and have a rental property in New Jersey. I purchased the property as a sole proprietor, and would like to transition to an LLC. Since I live in a different state, I don't know what the best strategy is. From my understand, I need to open an LLC in one, and register in the other state. What would be the most ideal way to maximize my tax returns. A penny for your thoughts?

With Kindest Regards,

Gabriel.