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Personal Taxation - FAQs

Some of the most frequently asked question can be found on this webpage. Simply click on the heading that describes the section you are searching for.

Tangible Personal Property Tax

  • What is tangible personal property?
    • Tangible personal property is everything other than real estate that has value by itself. It would include things such as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.

  • Who must file?
    • Anyone in possession of assets on January 1 who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, lend or rent property must also file.

  • If I rent my furnished home or condo for a few months, do I have to file a tangible personal property tax return?
    • Yes. Since rental activity is of an income producing nature, you must file a return, which lists your personal property. Items that should be listed include: Draperies, furniture, appliances and any other personal property included in the rental unit.

  • How do I obtain a form?
    • A TPP form will be mailed to you at the beginning of the year. If you do not receive a form please go to our Forms section

  • Is there a minimum value that I do not have to report?
    • No, there is no minimum value. A tangible tax return must be filed on all assets by April 1

  • Are there deadlines and penalties?
    • The deadline for filing a timely return is April 1. After April 1, Florida Statutes provide that penalties be applied at 5% per month or portion of a month that the return is late, 15% penalty is required for unreported property, 25% penalty if no return is filed.

  • What if I buy or sell an existing business during the year? Who is responsible for the taxes?
    • Most title companies do not do a search of the tangible assets of a business. You should therefore consult your Realtor, attorney or closing agent to avoid problems in this area.

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A H Gantt CPA & Associates, PA is a licensed and insured firm of Certified Public Accountants (CPA) located in Kissimmee Florida catering to US Taxation and Reporting issues, for domestic and non-resident clients, both individuals and corporations. A H Gantt CPA & Associates, taxes, cpa orlando, accountant kissimmee, 1040nr, derek breen, florida accountant, cpa, business tax florida, filing taxes, US taxation, tax reporting, non-resident taxes, visa, immigration, move to florida, consultancy taxation