California charges foreign business tax at the same rates, and also claws back everything that they can even if you move.

Seems to be a trend with many urban areas that have high taxation.  

I recommend finding an accountant that specializes in real estate taxation.

'Click bait' or just an idle threat, BUT the impact of this level of 'progressive' taxation would/SHOULD be the final incentive to bail."...Top New York firms that toughed it out through the pandemic are now considering packing their bags over $7 billion in proposed new state taxes.

If your individual LLCs are owned by a holding LLC, this holding LLC will do the tax return (unless it is also disregarded).If your LLC is multi member, the default taxation is as a partnership and you will have to file a 1065 return and issue a K1 to each member.

Consider the measures taken in 1918, compared with which this situation is a minor inconvenience.And yes, I am equally concerned with the consequences for our economy, and very very bored at home.Those who think of government as unnecessary and taxation as theft would do well to consider how well their liberties and property would be defended if we were talking about Ebola instead of a particularly vicious flu.

@Paul Schu I think if it shows up as ordinary dividends (vs qualified dividend), then it would be tax at tour tax bracket

Hopefully tax sheltered for the first few years, but then subject to taxation.

.** However, when one uses leverage or engages in a trade or business with an IRA, then UDFI and UBIT taxation may apply.  

There are 20+ CPAs and accountants on this site that specialize in real estate taxation.