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FL tangible personal property tax return-Pasco County

  • 1.  FL tangible personal property tax return-Pasco County

    Posted 02-28-2019 14:11
    I have a new 1040 client - NYC resident with a FL rental property in Pasco County Florida.  He's had the rental property for 10 years and it looks like no one has ever filed the DR405 tangible personal property tax return before.  There's about $2k or less of household appliances.  My thought is to file one for the first time for 2018 and hope we're not opening a can of worms.  He doesn't have an account number of course.

    Does anyone have experience dealing with this situation and suggestions for the best course of action?



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    Mary Sherman
    MARY SHERMAN, CPA, CGMA
    Hicksville NY 11801
    516-433-3734
    msh@maryshermancpa.com
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  • 2.  RE: FL tangible personal property tax return-Pasco County

    Posted 03-01-2019 15:54
    Hi Mary,

    Most clients don't need to have Tangible Returns filed for them any longer, because a number of years ago,
    the rules changed exempting the first $ 25,000 of tangible assets.  You can see this right at the top of the
    instructions on the DR-405.   http://floridarevenue.com/property/Documents/dr405a.pdf

    Taxpayers who had been filing previously, and who had small amounts of tangible property, receive a little postcard
    each year Waiving the filing requirement. It says they no longer have to file as long as the value of their property
    remains at $ 25,000 or less.

    Hope this helps.





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    Laura Weiner, CPA
    Fort Lauderdale, FL
    954.232.5388
    LauraCPA@bellsouth.net
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  • 3.  RE: FL tangible personal property tax return-Pasco County

    Posted 03-02-2019 07:34
    Hi Laura,

    Thank you for your reply.  Does it matter if the client has never filed a DR405?  My understanding from looking at the instructions is that there has to be an initial filing, after which filing will not be required unless the assets exceed $25,000.  But if no filing is done, the $25,000 exemption is lost.

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    Mary Sherman
    MARY SHERMAN, CPA, CGMA
    Hicksville NY
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