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If a CA single member LLC purchase rental property out of state, and that member subsequently moves to another state and sells the property later, what, if anything will CA require tax-wise on the sale of that property? I don’t think any income tax on the property, but what about gross receipts on the sale? Is there a tax issue I am not seeing here?
And then what if the CA resident/SMLLC just purchases a rental property under a TX LLC? I know that there is a member managed filing requirement for the $800, but does the SMLLC have to file with the SOS? Or just pay the $800 on the Form 568 and the SOS will assign a number?
This issue arose because my client wonders if it would just be easy to purchase out of state rental property under a CA LLC vs. having an out of state LLC and a foreign CA LLC.