tax on the lease. am i required to pay county and state tax on a house i am leasing in lee county florida. how much is the tax. do i have to pay tax on the utilities
The only taxes that change on a property that is leased is income for the lessor--income tax will be due for "profit" derived from the lease agreement--income minus all expenses. The only time city and state taxes come into play is in short term rentals. Double check at the county office to make sure that you have met all of their requirements, and Florida does not have income tax. A tax accountant can assist you, and wouldn't be a bad investment of a few dollars if you are entering the realm of a landlord. There are a lot of good things from leasing property.
No you are not, you only pay a county and state tax on 6 month rentals or less. Of course, if you are getting income from leasing your home out, you'll pay taxes on that, etc.... Speak to your accountant for a more accurate answer. However, from a renting standpoint, keep your leases annuals and you should be good on avoiding the 10-11% tax.
Gabe Mellein
gabe@gabemellein.com
239.825.2234
FENG SHUI CERTIFIED Realtor
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