Need help in figuring this out.
This is my first rehab & resale. Purchased TH, fixed it up and am now reselling. Closing is at the end of next week. I live in VA and the property is in MD. The title company is just now telling me that since I am a nonresident I will be taxed 4.75% of the sellers purchase price which equals approx $14,000.00.
If I was a resident LLC, I don’t think I would be taxed this - so should I form an LLC at this late date? Is that possible?
Welcome to The People’s Republic of Maryland…
Tax and Spend…doesn’t surprise me in the least!
I am an investor in Maryland. What type of properties do you invest in?
You couldn’t shove a Maryland property down my throat! I wouldn’t live in Maryland under ANY circumstance nor would I give them one cent in taxes if within my power to do so. I hate Maryland almost as much as I hate Taxachusetts – I mean Massachusetts. Bunch of left-wingers taxing EVERYTHING they can – it NEVER ends with them.
I’m rantin g but I DO feel better now! LOL
I moved from the DC area almost a year ago…best move I ever made! Investment real estate here is actually affordable!
LOL I know what you mean. I am originally from Florida and will probably within the next year or so move back there. This area is so over priced. Where did you move to?
I moved to NW Louisiana. I have bought 2 rentals here, both in the $50Ks and both with good cash flow.
We have a good, strong rental base here. I’m retired military and try to rent to the Air Force folks to the extent that I can – they get paid a housing allowance, so generally are good renters.
Need some help please.
You say u are an investor in MD.
Well I recently bought a property in Baltimore city it is my second.
The first one is rented.
The problem with the second one is it needs work like new kitchen etc. Basically i want to get it fixed so i can rent it out .
Any help is much appreciated.