- Date Published:
- 03/04/2009
Despite Florida’s poorly performing sales market, the holiday rental scene remains in good health. Every year 75million people visit Florida. The majority (50million) visit central Florida.
Looking at the trends of when people enquire about Florida holidays, the most popular periods in 2007 were the Easter and October half terms, followed by July and August.
Unlike in other countries, especially in Europe, there’s a genuine year-round rental season in Florida.
Florida Taxes
As with any investment you still have to pay taxes. When renting a property in the States, you still have to pay UK income tax on the profit. There is also tax on the rental income, which must be collected by the tenant and paid to the State. Other tax considerations are detailed below:
In the state of Florida, Pinellas county:
- The Tourist Development Tax rate is a 5% tax on all short-term rentals (six months or less).
- In addition to the 5% Tourist Development Tax there is a 7% State Sales and Use Tax on short-term rentals.
- The owner is responsible for charging the guest the 12% tax on the rental amount and remitting the taxes to the proper taxing authorities.
- You must register with both the Tax Collector’s Office and the Department of Revenue to remit the taxes.
- The 5% tax is remitted to the Pinellas County tax collector’s office and the 7% tax is remitted to the Department of Revenue.
- Tourist Development Tax is submitted on a monthly basis, regardless of rentals, due on the first of each month and is delinquent by the 21st of each month. For example, the November 2008 tax return is due on December 1, 2008 and is delinquent on December 21, 2008.
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Amanda Lamb is on her travels finding you the ideal location for your new house
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