The location of your rental is a crucial piece of information for short-term rental tax compliance. If you collect payment from short-term guests renting out a room, apartment, house, or other dwelling, you’re likely responsible for collecting, filing, and remitting short-term rental taxes to Florida tax authorities. Who’s required to collect and file taxes on short-term rentals in Florida?
What’s the definition of “short-term rental” in Florida?įor tax purposes, short-term rentals in Florida are defined as reservations of six months or less. The guest pays the tax, but you’re responsible for collecting the tax and paying it to the proper tax authority. Lodging tax on a short-term rental is a percentage of the cost of your guest’s stay that is added to the price of the bill. You pay this tax directly to the government. Income tax is reported and paid annually to the federal government and many state governments on “taxable” income, which is income after allowed expense deductions. It’s important to understand the difference between the two. When you start operating a short-term rental, while you might not have experience with lodging taxes, you’re probably familiar with income tax. Questions pertaining to specific situations or out-of-the-ordinary conditions are best solved with a certified tax professional familiar with Florida tax laws.
Consider this an asset to help you understand and prioritize your vacation rental questions and concerns. No short-term vacation rental tax guide is a substitute for professional tax advice. For more information on the tax rates and jurisdictions that apply to your rental’s specific location, use our lodging tax lookup tool. These may not catch up with vacation rental operators in the short term, but the sharing economy is under increased scrutiny so it’s important to address compliance before tax authorities address it for you.Īvalara MyLodgeTax has put together this guide to help you comply with Florida short-term rental tax laws.
Tax authorities require short-term vacation rental hosts to collect applicable short-term rental taxes from their guests and remit them to the proper authorities.įailure to comply with state and local tax laws can result in fines and interest penalties. Like hotel and B&B stays, short-term rentals in Florida are subject to tax. With a bounty of popular destinations including Walt Disney World, the Florida Keys, and Everglades National Park, the Sunshine State offers prospective short-term rental hosts the opportunity to bring in extra income and meet new people.īut new income opportunities bring new tax implications. More and more guests are choosing to rent private homes rather than book hotels. Airbnb and HomeAway/Vrbo have changed the way vacationers travel.
0 kommentar(er)
