Filing a dr-405 in florida for a rental property

Forum|Forum|6 years ago
June 3, 2019
4 replies
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I have a rental property in Orlando. I went through the process of filing out a DR-405 but see no results. The community says do not file with your federal taxes. My choice there is to delete the file and file federal only. I only made a profit in the last two years. Turbo Tax did NOT mention the form last year. Only this year. I am not clear on the $25K exemption. Certainly, my "profit" isn't close to that. a little help please?

TurboTax Premier Online

Best answer by Anonymous_

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Anonymous_Answer

Employee

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phostAuthor

thanx, that cleared up a lot!

Albertising

The links provided do not link to anything

DawnC

Employee

Try these links. @Albertising Form DR-504 Questions and Answers

Each county in FL may have different requirements for filing if required to fie. Orange County link.

Tangible Personal Property (TPP) means all goods, chattels, and other articles of value (excluding some vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself. Inventory and household goods are excluded (section 192.001(11)(d), F.S.).

Anyone who owns TPP on January 1 and who has a proprietorship, partnership, or corporation, or is a self-employed agent or a contractor, must file a tangible personal property return to the property appraiser by April 1 each year (section 193.062, F.S.). Property owners who lease, lend, or rent property must also file.

Tangible Personal Property Guide Download Tangible Personal Property Guide (This link will open up in a new window) PDF (99 KB)

DR-405Tangible Personal Property Tax Return (section 196.183, F.S.) Download DR-405 (This link will open up in a new window) PDF (737 KB)

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BTTinTally

I have an LLC that owns rental property in Leo County FL. As it is owned by an LLC and not me personally do I still need to file a DR-405 personally?

Does the LLC have ot file a DR-405 after it files its US Partnership Return of Income?

ErnieS0

The owner of tangible personal property is responsible for filing DR-405 so the LLC will file the return.

Learn more at Tangible Personal Property.

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Carl11_2

Employee

If your rental property is not furnished, you have no need to deal with the DR-405. If it is furnished, and the furnishings have a total value under $25,000, you have no need to file the DR-405.

Otherwise, if required to file the DR-405, it goes to the county tax appraiser office of whatever Florida county the property is in.