@Tax-Payer-2012 wrote:
thank you very much! What is a rental property with tangible personal property? The rental I refer to is a condo unit with no furniture.
With respect to rental property in Florida, county definitions of what constitutes personal property varies but is generally furniture, fixtures, and appliances used in the rental (i.e., used by the tenants).
The upside to filing a Form DR-405 with the county is you receive an automatic exemption on the first $25,000 of valuation of the personal property which, in many instances, covers the value of all personal property used in the rental.
Further, note that the depreciation schedule for the purposes of the DR-405 is NOT based on the IRS schedules, or recovery periods; they are entirely separate.
If you want or need more information, you should visit the county property appraiser's web site for the county in which your condo is located (link below - select your county from the dropdown).
See https://floridarevenue.com/property/Pages/LocalOfficials.aspx
