Florida property

[KUKIM]

Hello,

I have a question regarding my rental property in Florida.

I currently live in NC and decided to rent out my 2nd home in Florida middle of the year.

Can I start depreciating on the rental property now or does the rental property need to be rented for a full year. 

If I can start depreciating it,  do i get that amount from the appraisal and the original loan agreement for the section "cost" and "cost of land?" 

One other question, Turbo tax is asking me to file for the Florida tax return?  I was aware that Florida has no state tax. Is it because of the rental property? I don't do any other business in Florida besides the rental property.

Thank you 

[CatinaT1 · Accepted solution]

You can start depreciating once you place the property in service, so yes, you can start depreciation now.  Your cost would be how much you purchased the property for.  Sometimes on the assessors site it will show the cost of the land so you know how much to allocate to land cost.

You do not need to file a Florida return.

Here is additional information that might be helpful - https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71

[tagteam · Accepted solution]

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@KUKIM wrote:

One other question, Turbo tax is asking me to file for the Florida tax return?  I was aware that Florida has no state tax. Is it because of the rental property? 

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It is because of your rental property. See the other thread you posted in (link below) for more information.

https://ttlc.intuit.com/community/taxes/discussion/re-florida-does-not-have-a-state-income-tax-only-...