I have a rental property in Florida. Should I file a state return?

[matteuccie]

I've paid $39 for the state return and the outcome on TurboTax for the print return was non-sense.

[JulieCo]

Florida does not have an individual state income tax, but does have corporate income taxes.  Therefore, if you own this rental property as an individual, you would not owe any income tax on the rental income.  But, if you have a business that owns the property, then your business may owe taxes.  Here is a link to more information from the State of Florida website:  http://www.stateofflorida.com/taxes.aspx

[matteuccie]

Thanks Julie. I own as an individual (not a company or LLC), so I believe I am all set with the Federal return with the Schedule E. Appreciated.

[Joyce8]

When I sell my hotel condo in Florida do I pay tax to Florida then?

[Carl]

Florida does not tax personal income and never has. You can't file a tax return for Florida even if you want to, because no such forms exist for doing so.

What you paid for was the DR-405 which is filed with the *LOCAL* county courthouse if you have income producing non-real estate assets. So if you made the boo-boo of separating out your appliances to depreciate them separate, then those appliances are considered income producing equipment used in your business. You'll have to file the DR-405 at the local county courthouse every year, and the money you "think" you save by depreciating them separately, you'll end up paying to the local county in the form of a "tangible property tax" each and every year.

This is why I tell folks that you *DO* *NOT* save a single penny when you separate out your rental assets from the main structure so they depreciate more and faster.

[jaxbchkim]

So I just paid $45 for the Florida state download for nothing? Bummer.

[Mike_24]

Note that stateofflorida.com is NOT the state's website.  The state's website is myflorida.com and the Dept of Revenue uses floridarevenue.com (or you can go to dor.myflorida.com, which redirects to floridarevenue.com). 

[jaxbchkim]

me too. SUPER annoying.