Hello,
I have a similar situation as above. I just bought an investment home that I will use as short term rental property in Nevada. Nevada has no state income tax, and I currently live in West Virginia. The property will likely get a net loss this year as it will need to be set up and have some remodeling to do. When I file taxes for 2020, will the net loss in Nevada affect my taxes in West Virginia?
Do I or should I create an LLC for this property? Since the property will be operated and incur monthly expenses in Nevada even though I live in West Virginia would I need to file for LLC in Nevada or West Virginia?
