Hi all, I posted this topic in the beginners fourm but was advised that this fourm maybe a better place.
I am starting a real estate investment business, and I live in WA. The properties I buy and sell will likely be in WA in the first couple years. I was told by a professional tax company that NV is the best state to incorporate in since NV does not have any form of business tax while WA has B&O tax which taxes on gross receipt.
I was told that if my company is a NV company, I do not need to pay WA B&O taxes on buying and selling properties in WA, and I will not be subject to other state’s tax law if I ever buy and sell in other state. Is that true? It just sounds too good to be true to me.
He did confirm that if I buy a property in WA and rent it, it’s subjected to WA tax system, but not buy and sell.
Does anyone know anything about this? Thanks!!