VRBO and taxes
- Thread starter merbel
- Start date
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TooFarTampa
SoWal Insider
I'll post the information for others who might be curious.
We collect 11 percent taxes for each rental. 7 percent has to be filed with the state (6 percent state, 1 percent Walton County), and 4 percent is a Tourist Development Tax (bed tax) that has to be filed directly to the county.
The 4 percent bed tax is filed quarterly. Deadlines are Jan. 20, April 20, July 20, Oct. 20.
The state taxes are usually filed every month -- the deadline is the 20th of each month. For a while the state was letting us file quarterly, but then they switched to monthly, back to quarterly, and back to monthly again -- all in a course of two months and without me doing anything. :shock: So I am just filing monthly instead of entering into some battle that I do not understand.
Both can be filed online, and I have learned that the bed tax can be filed up until the last minute without penalty.
However if you file online with the state, you often have to do it a day or two in advance so they can get it into the system by the 20th.
Usually a management company will take care of this, but if you are renting on your own or with minimal help, you have to do it yourself.
You have to set up accounts with both the state and the county. A certain SoWaller will likely be along shortly to give you contact information.
We collect 11 percent taxes for each rental. 7 percent has to be filed with the state (6 percent state, 1 percent Walton County), and 4 percent is a Tourist Development Tax (bed tax) that has to be filed directly to the county.
The 4 percent bed tax is filed quarterly. Deadlines are Jan. 20, April 20, July 20, Oct. 20.
The state taxes are usually filed every month -- the deadline is the 20th of each month. For a while the state was letting us file quarterly, but then they switched to monthly, back to quarterly, and back to monthly again -- all in a course of two months and without me doing anything. :shock: So I am just filing monthly instead of entering into some battle that I do not understand.
Both can be filed online, and I have learned that the bed tax can be filed up until the last minute without penalty.
However if you file online with the state, you often have to do it a day or two in advance so they can get it into the system by the 20th.Usually a management company will take care of this, but if you are renting on your own or with minimal help, you have to do it yourself.
You have to set up accounts with both the state and the county. A certain SoWaller will likely be along shortly to give you contact information.
TooFarTampa
SoWal Insider
Yes. The online form make it very easy. It just shows up with everything at zero, and you click a couple of times and you are finished. I highly recommend the online method, because it does some of the work for you. There is a bit of a learning curve with all of it, but once you have it down, it's pretty simple -- and definitely worth any savings in commissions.
Hi merbel!
I'll pm you -
I'll pm you -
Hi merbel!
I'll pm you -
Merbel, you're in good hands with ShallowsNole. And it's not a complicated process to look after your own taxes!