NYC based investor looking for CPA to discuss OOS LLC setup

[Colin M.]

I am a NYC investor, looking at purchasing out-of-state. I currently have an LLC set up through legalzoom but encountering some banking qualification issues.

Looking for a NYC based CPA who can lend some advise on RE company formations, OOS strategies, tax options, etc.

[Nicholas Aiola]

@Colin M. In addition to a CPA, you should loop in an attorney when discussing entity structuring to ensure all bases are covered.

From a tax standpoint, LLCs don't have an effect - positive or negative - on your tax liability. An LLC is the most common entity for long-term rentals, so the tax planning strategies should be less focused on entity structuring and more focused on making sure you are receiving (and are able to use) the tax benefits of rental real estate.