I live in CA, and have a CA SMLLC. I did some joint ventures with out of state investors on flipping homes in their states. My CA LLC provided some capital for the flips. Since I'm in CA and used my CA LLC, are the profits from these out of state joint ventures still considered sourced in CA? I'm not on the flipper's LLC, which are in the state they are flipping the homes. I assume I would get a 1099-NEC for any profits from the flipper's LLC.
If these profits are considered sourced in CA, does this mean I do not have to file the out of state income taxes?
Thanks,
