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Updated about 8 years ago,
LLC taxed as a s-corp in my home state or state of business
So I know I need to talk specifically to a Cpa/legal to which I have calls into but it's tax season and I'm still waiting phone calls back. I wanted to ask this question. Here as there is a wealth of knowledge and I like having a general answer/idea when I ask questions. So opinions and answers from here will hopefully get me insight to further discuss with the cpa when I get a phone call back.
I work a full time W-2 job with $106k last year
I live in WV
I bought 2 buy and hold rentals in MD in 2016
Currently just put our first potential flip under contract where is where the questions come in.
Everything I've read and talked with says to setup an llc and elect s corp tax status for the flips, my question is should I set that llc up in WV where I live and pay income taxes or should I set it up in MD where it's doing business. If I setup in WV I'll have to foreign register in MD and do annual reporting in both states. If I form the llc in MD am I gonna get stuck with paying taxes in both states?