It depends on the value of your assets in the property, not how much rent you collect.
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.
While the form will not tell
you explicitly what to include, they do give examples of what to and what not
to include. It is probably better to include something you are not sure about.
Each return is eligible for an exemption up to $25,000. By filing a
DR-405 on time you automatically apply for the exemption. If you do not file on
time, Florida Law provides for the loss of the $25,000 exemption.
Include on your return: 1.
Tangible Personal Property. Goods, chattels, and other articles of value (except certain vehicles) that can be manually possessed and
whose chief value is intrinsic to the article itself.
2. Inventory held for lease.
Examples: equipment, furniture, or fixtures after their first lease or
rental.
3. Equipment on some vehicles.
Examples: power cranes, air compressors, and other equipment used primarily as
a tool rather than a hauling vehicle.
4. Property personally owned,
but used in the business.
5. Fully depreciated items,
whether written off or not. Report at original installed cost.
http://floridarevenue.com/property/Documents/dr405a.pdf
https://ttlc.intuit.com/replies/5851830
