Renting out your home

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  #1  
Old 02-13-2015, 09:36 AM
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ladylake1 ladylake1 is offline
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Default Renting out your home

There may be a thread on this but I couldn't locate. I am helping a friend rent out their unfurnished home. Need some advice from those who are already doing this so we don't blow it!! Reference checks?? Boilerplate lease?? Anything that would help us do this thing right. Thanks in advance for your help.
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Old 02-13-2015, 01:15 PM
dalecrenshaw dalecrenshaw is offline
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First thing you need to do is register with the County tax office you are located in along with the State tax office. If you are in Lake County and if you rent a house under 6 months, you need to charge the tenant 7% Florida State Tax sale's tax and 4% Lake County Sale's tax. If you rent over 6 months, you do not owe any sale's tax. In addition, you need to have a business license from the County and the State. If you are located in Lake County, you can go to Laketax.com for information. The Florida State website is Welcome to the Florida Department of Revenue web site which has plenty of information to get you started. You can also call them by phone and they will help you through the process. Their phone numbers can be found on their websites. My understanding is that a lot of people skirt the law and don't get business licenses and don't pay the sale's tax...but if they get caught, not only do they owe all the back taxes, but there is a huge penalty/fine. It sounds like you are trying to do it the correct way for your friend.
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Old 02-13-2015, 03:23 PM
jnieman jnieman is offline
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They will need to purchase homeowner's insurance for a rental home. It's different from a home you plan to occupy yourself.
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Old 02-13-2015, 07:46 PM
dalecrenshaw dalecrenshaw is offline
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Also, there are State regulation about certain safety items that need to be installed in the house, such as smoke alarms, emergency lighting, etc. You can read the regulation on the Florida State website.

If the house is located in the Villages, then there are other rules and regulations that you have to follow in the Villages...such as no children living in the Villages, guest passes to use the recreational facilities, number of pets, etc.

Also, it is not a good idea to rent a house with a golf cart included. Even though you have insurance on it for yourself, there are huge liability issues if you include it with the rental.
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