What if I have old equipment that has been fully depreciated and written off the books?
A. Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported. Q. Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent? A. Yes. There is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes. Q. Is there a minimum value that I do not have to report? A. No, there is no minimum value. A tangible tax return must be filed on all assets by April 1. If, however, the taxes amount to less than $5.00, you will not receive a tax bill. Q. If I rent my furnished home or condo for a few months, do I have to file a tangible personal property tax return? A. Yes. Since rental activity is of an income producing nature, you must file a return which lists your personal property. Items that should be listed include: draperies, furniture, appliances, and any other personal property included in the rental unit.
Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported. Back to Top Do I have to report assets that I lease, loan, rent, borrow or are provided as part of the rent? Yes. There is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes. Back to Top What are the penalties associated with failure to file tangible personal property returns? Section 193.072, Florida Statutes provides for the following penalties for failing to file, or improper or late filing of a tangible personal property return: • Failure To File: 25% Penalty • Filing after due date: 5% per month late, up to 25% • Failing to properly file: 15% of corrected value This failure to file a return or to otherwise properly submit the tangible personal property for taxation does not relieve the taxpayer of any requirement to pay all tax assessed against the tangible
