Quote:
Originally Posted by CoachKandSportsguy
This is why you don't take advice from random posters on TOTV. This statement is without context and therefore can be interpreted incorrectly.
Hotel tax is collected if you provide hotel services which is in and above just renting the property. It includes, food services and laundry services, as an example.
However, do your market research to figure out who will be your customers, and how do the financials look at 100% occupancy in Jan->Apr and then 50% in the remaining months.
From your original question, you aren't serious, as its very easy to search for rentals with google as if you were searching for a rental, to easily do a financial statement. All the competitive information is available on the internet, including bond costs, real estate taxes, insurance costs, location. etc. Rentals always come down to occupancy rates to figure out break even and return on investment.
We were not profitable in 2020 with 40% occupancy, and this year we are not profitable with 60-70% occupancy, without a mortgage, including depreciation, for ROI
finance guy
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Good point. Never take the word of an online stranger when your money is on the line.
Here's what Florida says on the subject of transient rentals of less than 6 months:
Florida Dept. of Revenue -
Florida Sales and Use Tax
"Transient Rental Taxes
In addition to state sales and use tax and discretionary sales surtax, Florida law allows counties to impose local option transient rental taxes on rentals or leases of accommodations in hotels, motels, apartments, rooming houses, mobile home parks, RV parks, condominiums, or timeshare resorts for a term of six months or less. For a list of local option transient rental taxes, visit the Department's Local Option Taxes webpage.
In many counties, the local transient rental taxes are reported and remitted directly to the local government; however, sales tax and discretionary sales surtax on transient rentals are always reported and remitted to the Department. View a list of the Local Option Transient Rental Tax Rates (Tourist Development Tax Rates) "