tax on rentals

[another Linda]

Hi. In May we bought a CY villa that we plan to use in March. I've rented it for most of the other months and I understand that I need to pay tax on the rentals. Can anyone tell me how that works and what I need to do?

[samhass]

I think you need to Google "Florida Dept of Revenue". In Sumter I believe you must collect a 9% tax. Don't mess with the tax man. Find out what you need to do, then do it. I went with thevillages4rent.com. They have links to everything you need in terms of renting. They are not affiliated with TV.

[aford]

You must collect tax on anything rented less than 6 months and one day. This has to be added on to the rent. Very much like a hotel tax.

[villages8house]

Florida requires a Sales and Use Tax be paid on rentals less than 6 months. Check out the information on the www.myflorida.com website under Fl Dept of Revenue -(Search for Sales and Use Tax on Rental of Living or Sleeping... )

http://dor.myflorida.com/dor/taxes/res_real_property.html

You probably need to check the Internal Revenue website as well since rental income is taxable. www.irs.gov

Hope this helps.

[another Linda]

Thanks, folks. I just got back from TV (hated to leave) and will have my first renter moving in Nov 1. Guess I'd better get busy dealing with the tax issue. I'd really much prefer to be there myself!