Is Florida Fiduciary Tangible Tax Return required on a Trust?

[jmkilla58]

I am being instructed by TurboTax Business to purchase/download and complete a Florida Fiduciary Tangible Tax Return for my father's Trust tax (1041) return.  I didn't think that this was required for Florida.  Please confirm.

[AlanT222 · Accepted solution]

While Florida does not have an income tax for trust, trusts must file the Tangible Personal Property Tax Return.  The tax is based on tangible property owned by the trust, not the income of the trust.  

[jmkilla58]

OK.  Since the trust in question does not own any "tangible property" as defined (only investments in stocks, mutual funds, cash),  then I'm assuming the subject return would not be required.

[ColeenD3 · Accepted solution]

Correct. 

Anyone who owns TPP on January 1 and who has a proprietorship, partnership, or corporation, or is a self-employed agent or a contractor, must file a tangible personal prope​rty return to the property appraiser by April 1 each year (​section 193.062, F.S.)​. Property owners who lease, lend, or rent property must also file. ​TPP

[scatkins]

Yes, turbo tax likes to make you buy things, only later to reveal it wasn't required in the first place.  For example for individuals 1040 in FL, they always try to get you to pay and download a Florida state module which isn't required.  This is similar in that you will find out once you've paid you didn't need it. 

[TrustFiler]

Is the tax return still required if the trust does not own any personal property?

[ColeenD3]

If the following does not apply to you, you are not required to file the return.

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.