I worked as a property manager for a time (regular rentals - not VRBO style) and we had a client, Baker-Hughes, the worldwide oil & gas company.

You would also report the rental income on your California return since California taxes worldwide income, but you may take a credit for any taxes you pay to Wisconsin on your California return.People typically hire CPAs in the state where they live, but that's becoming less and less of a necessity is this age of technology.

I think there are 100s worldwide?

Example 1: Homer Simpson is a resident of California and a member of an Arizona LLC called “World Wide Widgets, LLC.”

I'm a gambler sometimes, but that make me nervous.Or, do I convert, leave it in my name, and take out a large insurance policy?

Most of us work with clients worldwide.

one important point Diane is that what created the price drop was a once in a lifetime financial crisis that was world wide.. so unless your thinking there is going to be a repeat anytime soon the chances of SF bay area real estate retreating that heavily could be pretty wishful thinking.of course unless you bought in the millianiam building that is sinking

That's after years of saying the worldwide tax system hurt R&D and employees.

I'm not a gambler and don't want to speculate.

You must be a gambler!