Greetings!I am a resident of Virginia and purchased a rental property in West Virginia during 2024.  The 2 states have reciprocal agreements for wages and salaries.  I'm unsure if I have to file as Non-Resident in Wes...

This will help attract more business to the state, keep it coming! 

This means you’ll pay short-term capital gains tax at your regular income tax rate.2.

At a 7% annual return, this could grow to $908K after 10 years, providing immediate liquidity and diversification.Alternatively, holding the property could yield $825K net equity after taxes in 10 years, assuming a $900K sale, with the potential to defer taxes via a 1031 exchange if reinvested into another property.

@Sean Overcrest Transferring the property to an LLC may help avoid property tax reassessment under California’s Proposition 13, but it comes with risks.

And since the S-Corp’s profits pass through to you, you’d still pay personal income tax on the rental income.

I'm also a realtor. with the real estate professional tax status.

Once you convert the former investment property to your primary residence you will then start to convert a proration of the gain from tax-deferred to tax free (according to the number of years it was rented/lived in). 

Intangible assets like goodwill or tangible personal property (e.g., equipment) are excluded from 1031 treatment and are taxed separately—goodwill is typically taxed as a capital gain, while equipment may be subject to depreciation recapture taxed as ordinary income.To minimize taxes on the sale of the business, consider strategies such as Opportunity Zone investments, which defer gains until 2026 if proceeds are reinvested in a Qualified Opportunity Fund (QOF), or structuring the sale as an installment agreement to spread taxable income over multiple years.

you need to dodge capital gains and foreign buyer tax.. you should consult a tax expert..If I was in this situation I would just sell (not advice) and buy a cash flowing mobile home park in the midwest