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Second home in Florida
Posted on 5/10/18 at 11:57 pm
Posted on 5/10/18 at 11:57 pm
Anybody in here have a second home in Florida? I'm looking into purchasing a home in Florida on beach. I'd like to know the tax and legal ramifications of using it strictly as a vacation rental vs using it as a second home and renting it out like that. Anybody here doing this? I know you can make a lot of income on property renting it out, but I don't know anything about the taxes or business model for vacation rental home vs additional home.
Tia
Tia
3
Posted on 5/11/18 at 1:26 am to tree
Very little difference other than the Homestead Exemption for prop taxes is gone. Tax rates differ by location. Income tax exists if your state has it. Property Replacement insurance varies by location but won t be different than if you were the permanent resident, BUT liability insurance would be Much higher.
Keep in mind that many "beach" locations cannot get normal insurance. Also be aware that in many locations IE: FT Myers, Naples, Sarasota, Longboat Key, Entire S.E coast, Destin, Pensacola Beach there is a glut of these already. The Keys might be a good place to look.
Keep in mind that many "beach" locations cannot get normal insurance. Also be aware that in many locations IE: FT Myers, Naples, Sarasota, Longboat Key, Entire S.E coast, Destin, Pensacola Beach there is a glut of these already. The Keys might be a good place to look.
Posted on 5/11/18 at 6:20 am to tree
If you're married, own the property as TBE and then buy some umbrella insurance for liability if you're renting.
Posted on 5/11/18 at 9:49 am to TheOcean
You don't really make money renting. You can get some decent tax breaks... What you are counting on is future capital appreciation.
Buying on the beach is tricky. Good luck
Buying on the beach is tricky. Good luck
Posted on 5/11/18 at 10:10 am to natsoundup
quote:
You don't really make money renting.
offsetting any cost of ownership is really "making money"
Posted on 5/11/18 at 10:12 am to natsoundup
Also buying when the market is at its peak isn't very smart
Posted on 5/14/18 at 1:00 pm to tree
Now isn’t the time to buy honestly. Home prices are flirting with 2007 pricing. Not at the highs of 05-06’; but, if living in FL has taught me anything it’s that home prices are cyclical here.
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