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Taxes that affect US vacation rental homes:

  • Federal Income Tax, filed annually by non-resident homeowners. (Deadline for filing to the IRS is June 15th.)
  • Real Estate Tax (payable annually to the County Tax Collector’s office and due by March 31st.) The term Real Estate refers to tax on real property. In the case of vacation homeowners, Real Estate refers to land, dwelling, fixtures and any other improvement to the land.
  • Local Business Tax concerns homeowners who rent out their US property and receive direct rental payments. (Payable annually to the County Tax Collector)
  • Sales & Use Tax (payable monthly to Florida Department of Revenue, due by the 1st of the month)
  • Tourist Development Tax (payable monthly to the County Tax Collector by the 1st. of the month)
  • Tangible Personal Property Tax (due annually, by March 31st.) The rules affecting TPPT have recently changed. With effect from January 1st. 2008, homeowners whose furniture, fixtures and equipment has been assessed at less than $25,000, will no longer have to pay this tax.
  • State resort dwelling license (due once per year). Short-term rental homeowners must obtain this license from the Florida Department of Business & Professional Regulation, prior to renting out the property. Generally, the application and renewal of these licenses is dealt with by your management company.

The Tourist Development Tax Academy has published a document which clearly outlines these taxes and emphasizes the importance of paying US taxes on time.

This document known as the Central Florida Vacation Rental homeowner’s Guide can be found on the website www.PolkTaxes.com

Homeowners are warned: “Mistakes or avoiding compliance can prove costly and even lead to the loss of your vacation home”

The guide strongly advises vacation homeowners to consult with tax professionals before filing Federal Income Tax Returns.

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