Which Turbotax should I be using?

[stephenson]

Hi All,

I've been using Deluxe with one state included ...But, I now have rental houses in Florida ...I live in Virginia which has a state tax ...Florida does not.

What should I be using? Do I need to file in Florida even if they don't have a state income tax?

Thanks in advance!!

[Senator]

In MN, I need to pay non-resident income tax for my rentals in MN, even if I never step foot in the state.

Does anyone have to file an income tax form in FL?

Are your properties incorporated, or an LLC?. If they are, you need the corporate version. That is what I use.

[stephenson]

Not incorporated on LLC ...perhaps should be ...


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[Richard4444]

Quote:

Originally Posted by Senator Does anyone have to file an income tax form in FL?

There is no state income tax to file/pay in FL, so no. I moved to FL from Massachusetts and now only file a Federal return.

Rich

[stephenson]

Sounds like I will continue to file Virginia and include the Florida rental incomes there ...


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[bingybear]

Quote:

Originally Posted by stephenson Sounds like I will continue to file Virginia and include the Florida rental incomes there ... Sent from my iPad using Early Retirement Forum

just from searching the web.... how long are your leases?
Less than 6 months? If so... look here I don't think this would replace income tax in your own state, but is tax the landlord is suppose to collect. From googling it looks like this may be a state wide tax with some localities jumping in. It sounds like this is typically paid by the tenant, but should be documented in the lease.

I have not found any documentation about longer leases, but have not spent a long time looking? So are your leases longer than 6 months?

[LOL!]

Try this to help decide:

Copy your 2014 TurboTax return to a new file, say from MyReturn.tax2014 to MyFakeReturn.tax2014.

Start up last year's TurboTax 2014 and open the copy MyFakeReturn.tax2014. Pretend you now have rental income in 2014. Can your TurboTax Deluxe 2014 deal with the rental income? If so, then Deluxe should work for you in 2015, too.

See also http://www.early-retirement.org/foru...ml#post1664921
where Deluxe is reported to work for rental property.

[stephenson]

I have been using deluxe with one rental ...for many years and depreciation skeds, etc, seem to work out fine ...but with three didn't know if there was a limit, and/or if there was a Florida requirement (I haven't been able to find anything so far) even though FL doesn't have a state income tax.


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[bingybear]

Quote:

Originally Posted by LOL! Try this to help decide: Copy your 2014 TurboTax return to a new file, say from MyReturn.tax2014 to MyFakeReturn.tax2014. Start up last year's TurboTax 2014 and open the copy MyFakeReturn.tax2014. Pretend you now have rental income in 2014. Can your TurboTax Deluxe 2014 deal with the rental income? If so, then Deluxe should work for you in 2015, too. See also http://www.early-retirement.org/foru...ml#post1664921 where Deluxe is reported to work for rental property.

I may have taken the OP question a bit differently. I think the question was does he need to file taxes in two states or one because of new rental property in FL (the non-resident state). It is likely he does not have a 2014 FL tax module unless TT provides it with the federal version.

So.. searched to TT FL module ... see here

Quote:

Florida does not have an individual state income tax. The only reason to file a state tax return in Florida is if you have a Florida-located business, rental property, or farm. In that case, a Florida Tangible Personal Property tax return may be due.

The next question the OP likely will have to answer if he does have to file a FL Tangible Personal Property tax is does he still have to include earnings on his VA taxes.

[stephenson]

My read on TPP is that the exact provisions are at the county level in Florida ...our basic rental houses have only the usual refrigerator, stove and dishwasher ...do not include washer and dryer ...this is the norm for the area ...no other equipment or appliances, etc ...seems like the intent is to be able to tax the equipment from businesses, not basic rentals.

From reading here (http://www.escambiataxcollector.com/...xes-online-now) and other places, and from NOT getting a notice from Escambia County, it appears that we don't have to file TPP ...is this reasonable assessment on my part?

Thoughts?


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[pb4uski]

Quote:

Originally Posted by stephenson Hi All, I've been using Deluxe with one state included ...But, I now have rental houses in Florida ...I live in Virginia which has a state tax ...Florida does not. What should I be using? Do I need to file in Florida even if they don't have a state income tax? Thanks in advance!!

No Florida return... just federal and Virginia. If Virginia is like my state you will have to include the Florida rentals in your Virginia income. You would get a credit for income taxes paid to another state by in your case the credit would be nil since Florida doesn't have an income tax.

Unless you have more than 3 rental houses I think Deluxe will work for you.

[pb4uski]

Quote:

Originally Posted by stephenson My read on TPP is that the exact provisions are at the county level in Florida ...our basic rental houses have only the usual refrigerator, stove and dishwasher ...do not include washer and dryer ...this is the norm for the area ...no other equipment or appliances, etc ...seems like the intent is to be able to tax the equipment from businesses, not basic rentals. From reading here (Tax Collector of Escambia County | Search and Pay Taxes Online Now) and other places, and from NOT getting a notice from Escambia County, it appears that we don't have to file TPP ...is this reasonable assessment on my part? Thoughts? Sent from my iPad using Early Retirement Forum

This page indicates that it applies to furnishings of a rental property. However, I'm not sure if their definition of "furnishings" extends to appliances (fridge, stove, diswasher) but I would think not (I think of furnishings as furniture).

However, even if it includes appliances it goes on to say that there is a $25k exemption, but is sounds like there would be some forms to be filed.

[Souschef]

I had a rental for years, and had to use Premier, because I also had capital gains. Amazon is selling it $20 off