I find this time ideal (it being tax season) to bring awareness to the tax liabilities associated with transient rentals. For clarification transient rentals are defined as any sleeping, or living accommodations for which a person has paid that does not exceed 6 months. These taxes are to be collected and paid on all rental charges. These taxes are known by many names: sales tax, occupancy tax, lodging tax, room tax, accommodations tax, bed tax, hotel tax, etc.) Here are some quick filing tips for the State of Florida...
1. Both filing, and payment are due by 5pm on the 20th of each calendar month in the State Of Florida.
2. Be sure to include your housekeeping, and cleaning fees when calculating your gross income.
3. Register your property with both the Department Of Revenue, and your local county tax office ONLY if you are required to report and pay directly to your county.
4. Register, and utilize the e-filing system available online to save time, and tons of paper. If you're a paper person filing coupon booklets will be mailed to you once your are registered and ready to begin collecting taxes.
5. When reporting, and paying separately to the Department Of Revenue, and your respective county. Be sure to carefully read the filing instructions provided for TRANSIENT RENTALS ONLY!
6. Listing on AirBnB only? Then you need not worry, as AirBnB takes care of collecting, and remitting the appropriate taxes for you. This information can usually be found under your gross earnings tab.