Re: Buying a home then renting it out
Angelbaby,
When you rent less than 6 months to one indivdual you need to pay Florida transient tax of 9% in Sumter Co, not sure of the other counties. Yes, the rent is counted as income minus your expenses, the house, mortgage, furnishings, utilities etc. There are different ways of handling it over a period of years, I'd check with a tax person. It's not as easy as you'd think.
Our rental home is currently rented for over 8 months this year which is unusually good. For Jan-March there is no doubt you could have it rented 10-20 times over!
There's another thread on this state tax at
talkofthevillages.com/smf/index.php/topic,2787.0.html
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