Renting out a condo or vacation home can be a good source of income in Florida, but it comes with its own tax responsibilities.

Florida sales tax

Rentals of six months or less are generally subject to Florida sales tax, including any local surtax. You may need to register with the Florida Department of Revenue.

Tourist development tax

Most Florida counties also charge a tourist development tax on short-term stays. Depending on the county, it may be collected by the county tax collector or the state, so check the local rules.

Booking platforms

Some platforms collect and pay certain taxes for you, but they may not cover everything. Review what your platform actually handles, and keep its statements.

Federal income tax

Rental income generally must be reported on your federal return, and you may be able to deduct expenses such as cleaning, repairs, insurance and depreciation. Personal use of the property can limit your deductions. If you offer substantial services, other rules may apply.

Local rules

Your city, county or association may also have registration and licensing requirements.

Keep good records

• Rental dates and rates
• Personal use days
• Expenses and receipts
• Tax payments and platform statements

Have questions about your situation? Tax rules change and every situation is different, so please talk with a professional before acting on general information. Call Fajardo & Associates at 407-720-7220 to make an appointment.