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Sales & Use Tax

Florida law provides that each sale, admission charge, storage, or rental is taxable unless the transaction is specifically exempt. Florida's general sales tax rate is 6%, however there is an established "bracket system" for collecting sales tax on any part of each total taxable sale that is less than a whole dollar amount. Additionally, a discretionary sales surtax is imposed by many Florida counties. To compute the Florida sales tax rate for each county, you add the county imposed discretionary sales surtax rate to the general sales and use tax rate.

This means that sales tax is due on all rentals, leases, or licenses to use real property whether received in the US or overseas.  Normally this service is performed by your Management Company upon your request and you will need to inform them accordingly, every month how much rental income was received.  However, you may wish to collect and report Sales and Use Tax on this income directly to the Florida Department of Revenue.

The sales and use tax must be calculated each month, and reported and paid to the FDOR by the 20th of the following month.  Late reporting or payment will result in penalties.

Please visit the The Florida Department of Revenue (FDOR) website for more information

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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