Filing a dr-405 in florida for a rental property

[phost]

I have a rental property in Orlando.  I went through the process of filing out a DR-405 but see no results.  The community says do not file with your federal taxes.  My choice there is to delete the file and file federal only.  I only made a profit in the last two years.  Turbo Tax did NOT mention the form last year.  Only this year.  I am not clear on the $25K exemption.  Certainly, my "profit" isn't close to that.  a little help please?

[tagteam · Accepted solution]

" I am not clear on the $25K exemption.  Certainly, my "profit" isn't close to that.  a little help please?"

Florida does not impose an individual income tax so the Florida return in TurboTax has nothing to do with profit.

Counties in Florida have the authority to levy an ad valorem tax on tangible personal property that is used in a business or rental real estate. The "$25k exemption" refers to an exemption of up to $25k in assessed value of the reportable tangible personal property used in a business or rental.

See Florida Dept. of Revenue - Property Tax - Taxpayers - Tangible Personal Property (floridarevenue.com...

Form DR-405, if one needs to be filed, does not have to be filed via TurboTax. In fact, at least one county requires the form to be filed online from the county's web site and several others have their own, modified, version of the form. It would therefore be wise to consult your county property appraiser's web site before proceeding. A list of county property appraisers' web sites can be found at the link immediately below.

 http://floridarevenue.com/dor/property/appraisers.html

In the event you need to file a Form DR-405 and would like to do so through TurboTax, then you should know that nothing will print (except an instruction sheet) unless assets were transferred or you manually entered assets in the DR-405 worksheet. [see screenshots]

[phost]

thanx, that cleared up a lot!

[tagteam]

You are most welcome.

[CD1464]

@tagteam I am assuming it would be dependant on the county where you live, rather than the county where the property is located, right?

[tagteam]

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@CD1464 wrote:

@tagteam I am assuming it would be dependant on the county where you live, rather than the county where the property is located, right?

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No, it would be the county in which the property is located (and utilized).

[CD1464]

@tagteam Super helpful. Thank you very much!

[Albertising]

The links provided do not link to anything

[DawnC]

Try these links.   @Albertising   Form DR-504 Questions and Answers

Each county in FL may have different requirements for filing if required to fie.   Orange County link.  

Tangible Personal Property (TPP) means all goods, chattels, and other articles of value (excluding some vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself. Inventory and household goods are excluded (section 19​2.001(11)(d)​, F.S.)​.​

Anyone who owns TPP on January 1 and who has a proprietorship, partnership, or corporation, or is a self-employed agent or a contractor, must file a tangible personal property return to the property appraiser by April 1 each year (​section 193.062, F.S.)​. Property owners who lease, lend, or rent property must also file. ​

Tangible Personal Property Guide  PDF (99 KB)

DR-405Tangible Personal Property Tax Return (section 196.183, F.S.)PDF (737 KB)

[BTTinTally]

I have an LLC that owns rental property in Leo County FL.  As it is owned by an LLC and not me personally do I still need to file a DR-405 personally?

Does the LLC have ot file a DR-405 after it files its US Partnership Return of Income?

[ErnieS0]

The owner of tangible personal property is responsible for filing DR-405 so the LLC will file the return.

Learn more at Tangible Personal Property.

[tagteam]

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@BTTinTally wrote:

I have an LLC that owns rental property in Leo County FL.  As it is owned by an LLC and not me personally do I still need to file a DR-405 personally?

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Visit the Leon County Property Appraiser's web site for further information.

See Leon County Property Appraiser (leonpa.gov)

The property that is subject to the tangible personal property tax is just that; tangible personal property (i.e., it is not a real estate tax).

[Carl]

If your rental property is not furnished, you have no need to deal with the DR-405.  If it is furnished, and the furnishings have a total value under $25,000, you have no need to file the DR-405.

Otherwise, if required to file the DR-405, it goes to the county tax appraiser office of whatever Florida county the property is in.

[tagteam]

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@Carl wrote:

If it is furnished, and the furnishings have a total value under $25,000, you have no need to file the DR-405.

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There is no $25,000 exemption without an initial DR-405 being filed.

[Carl]

without an initial DR-405 being filed.

I've been told that depends on the county. I've never filed DR-405 in my county. But then, I don't rent out furnished accommodations either.