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Level 3
posted Sep 4, 2023 10:31:42 PM

how to calculate tax liability when applying for TPT license in AZ

Dear experts, 

 

I have a rental house in AZ, I have a few questions would appreciate advices.

 

1. Do I need to apply for TPT licensee if I have loss in rental income after expenses? 

 

2. I am not aware of this TPT tax and forgot to pay this for last two years. what do I need to do?

 

3. when applying for TPT license, it asks to fill in this question:  "What is your estimated tax liability for your first twelve months of business?"  Does this mean the the actually rental income tax I owe (which is 0) ? or the TPT tax I owe (which is based on gross rental income)? 

 
 
TIA
Dave

 

1 1 1270
1 Replies
Level 15
Sep 5, 2023 7:30:35 AM

This is an income tax forum.  AZ's TPT tax is a sales tax.  Suggest you contact the AZ TPT offices to obtain accurate information.

 

https://azdor.gov/business/transaction-privilege-tax/tpt-license#:~:text=Arizona%20transaction%20privilege%20tax%20(TPT,tax%20and%20must%20be%20licensed.