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My property is used by friends and relatives at times during the year. Am I required to collect the Tourist Development Tax from them?

April 26, 2017collect Development friends Property relatives times tourist Used year

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My property is used by friends and relatives at times during the year. Am I required to collect the Tourist Development Tax from them?

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If you collect rent from them, or accept any other compensation in lieu of rent, you are required to collect and remit Tourist Development Tax based upon the rent paid or upon the fair market value of the compensation received. If compensation is not received nor expected from your friends or relatives, you should be sure to document that in your records in case of audit.