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Unread 20 Feb 20, 09:31 AM  
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WileyCoyote
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Home ownership in Florida - tax question

Morning

A quick question for Florida home owners please... specifically for anyone who owns but doesnt have rental income .. Can I ask what tax do you need to register for ?

In the US I understand there is sales tax at purchase and annual tax assessed on property value (much like council tax) but as a non resident alien is there any other tax to take into account ?

I know in the UK there would be a need to declare for Capital Gains and Inheritance purposes but if no rental then no need for income tax declaration.

And did you work this out yourselves or get a local tax accountant

Thank you ... any help appreciated
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Unread 20 Feb 20, 01:52 PM  
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steve@mac155.f
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If you are not renting out then there is no federal tax filing to do as you are not generating an income.

If however you do rent out then you will need to get a tax accountant / CPA then once that is done you will need to apply for an ITIN number(individual Tax identification number) each owner named on the deeds will need an ITIN number as each of them will need to file a federal tax return.

You will also need to apply for a rental licence from DBPR this will also register you to pay state sales tax.

You will also need to register with the county once you have received your state licence number to pay the county tourist development tax and also pay for and get a county business receipt, both your state and county licences need to be displayed n the villa.

You will also need to file a tangible property tax return every couple of years which your tax accountant will be and charge you for doing so.

You then have the yearly property tax which is like the UK council tax but it is payable in a lump sum, if paid straight away you get a discount which goes on a sliding scale from November to March if not paid until March you pay the full amount of the assessment.

On closing you don't pay sales tax you and the current owner pay any outstanding property tax unless as a condition of the sale another arrangement has been put in place.

This is a good guide to tax obligations polktaxes/forms/Cent...ationGuide.pdf

Hope that helps

Steve
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Unread 20 Feb 20, 02:04 PM  
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disney332
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Talking exclusively about UK IHT,...UK domiciles pay IHT on the value of their worldwide assets upon death, Florida and all.

The application of IHT and who is a UK domicile is beyond the general info in this post

Disney332
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Unread 20 Feb 20, 08:11 PM  
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WileyCoyote
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Originally Posted by steve@mac155.f View Post
If you are not renting out then there is no federal tax filing to do as you are not generating an income.

If however you do rent out then you will need to get a tax accountant / CPA then once that is done you will need to apply for an ITIN number(individual Tax identification number) each owner named on the deeds will need an ITIN number as each of them will need to file a federal tax return.

You will also need to apply for a rental licence from DBPR this will also register you to pay state sales tax.

You will also need to register with the county once you have received your state licence number to pay the county tourist development tax and also pay for and get a county business receipt, both your state and county licences need to be displayed n the villa.

You will also need to file a tangible property tax return every couple of years which your tax accountant will be and charge you for doing so.

You then have the yearly property tax which is like the UK council tax but it is payable in a lump sum, if paid straight away you get a discount which goes on a sliding scale from November to March if not paid until March you pay the full amount of the assessment.

On closing you don't pay sales tax you and the current owner pay any outstanding property tax unless as a condition of the sale another arrangement has been put in place.

This is a good guide to tax obligations polktaxes/forms/Cent...ationGuide.pdf

Hope that helps

Steve
Super helpful thank you

Originally Posted by disney332 View Post
Talking exclusively about UK IHT,...UK domiciles pay IHT on the value of their worldwide assets upon death, Florida and all.

The application of IHT and who is a UK domicile is beyond the general info in this post

Disney332
Thank you
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