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posted Sep 14, 2020 12:28:11 PM

Fed and State Taxes

I am considering buying a condo in Fla for Both living and rental.  Do I have to prepare 2 separate Fed and State taxes since I live in Missouri, one for Mo and one for Fla?

 

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1 Best answer
Level 15
Sep 14, 2020 2:36:13 PM

Florida does not levy an individual income tax. 

 

If you rent your condo on a short-term basis and it is furnished, you may need to register an account with your local county property appraiser (and, possibly, file a Form DR-405) and also pay sales tax to the state and county (the latter commonly referred to as tourist development tax) if you rent your condo for a period of six months or less.

 

See the information at the link below for further details.

 

https://floridarevenue.com/property/Pages/LocalOfficials.aspx

 

1 Replies
Level 15
Sep 14, 2020 2:36:13 PM

Florida does not levy an individual income tax. 

 

If you rent your condo on a short-term basis and it is furnished, you may need to register an account with your local county property appraiser (and, possibly, file a Form DR-405) and also pay sales tax to the state and county (the latter commonly referred to as tourist development tax) if you rent your condo for a period of six months or less.

 

See the information at the link below for further details.

 

https://floridarevenue.com/property/Pages/LocalOfficials.aspx