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Updated over 4 years ago on . Most recent reply

User Stats

18
Posts
17
Votes
Anthony Warren
  • Flipper/Rehabber
  • New York, NY
17
Votes |
18
Posts

Taxes on a llc when doing a fix and flip

Anthony Warren
  • Flipper/Rehabber
  • New York, NY
Posted

So my llc is formed and operating business only in Ohio and as single member. But I lived in New Jersey. Would I get taxed from New Jersey or Ohio on profit? And I’m keeping the profit in the business to reinvest.

Most Popular Reply

User Stats

87
Posts
43
Votes
Zachary Bohn
  • Accountant
  • Englewood, OH
43
Votes |
87
Posts
Zachary Bohn
  • Accountant
  • Englewood, OH
Replied

@Anthony Warren Ohio will tax you and as others have said you will need to worry about city taxes with Ohio. Ohio has a small business deduction that may prevent you from paying tax at the state level.

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