Spouse Owned and Operated LLC

[kylechadwick79]

My spouse and I live in NY and set up an LLC in Nevada for our rental properties (passive income) where we each own 50% of the business.  The corporation that helped us form the LLC told us that we could set this us as a disregarded entity for tax purposes.   However, my CPA insists that this is wrong since it is a mulit member LLC. 

When I told the entity company this they checked with their team of CPA's and they insist that this can be done since Nevada (where the LLC was formed) is a Community Property State and the LLC is owned by a husband and wife with no other members making it a Qualified Joint Venture.

Now I'm not sure what I should do...any help is greatly appreciated.

[tagteam]

I understand your confusion (and it actually is confusing), but the law of the state in which you are domiciled is the determining factor with respect to whether you have community property, not where the property is located.