I have prepared filing my 2020 taxes with my accountant who is very experienced and in the business for some 40+ years. To my shock, he told me he has never dealt with flipping properties out of state, and he would need time to do research and learn the laws of each state. I know nothing about taxes, but I would think it just depends on the profit I made on each deal. I wouldn’t guess it depends on state laws… Has anyone dealt with this before, or know anything about filing for flipping out of state properties? Any advise would be greatly appreciated! Thanks.
@gary-sk I also have an accountant who handles this for me and based on what I hear from him, I would agree that this shouldn’t be terribly complicated (or if it is, he does a good job of shielding me from all those complications). He also doesn’t spend hours researching state laws (I know that because he doesn’t bill me for this).
I’m pretty sure it’s just a state tax return filed in any state where you made money (not that complex of a task) but as always, I’m not a CPA, so don’t take my word for it.
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Sounds right. Thank you Seth for that info!