If you rent your property and receive a rental income - such income should be reported on the federal tax return - schedule E - http://www.irs.gov/pub/irs-pdf/f1040se.pdf
You will deduct qualified rental expenses - such as interest paid on rental property, real estate taxes, maintenance expenses, depreciation of your condo, etc - see the schedule E for other possible deductions.
The net rental income will be added to your taxable income and will be reported on the form 1040 line 17 - http://www.irs.gov/pub/irs-pdf/f1040.pdf
Your tax liability depends on your total income, filing status, other deductions and credits.
Florida doesn't have income tax.
However - if you rent to the tenant and that not his/her principal place of residence - so-called "transient rental" - you might be a subject of sales tax - see more details - http://dor.myflorida.com/dor/taxes/pdf/brochures/transient_rentals.pdf
Let me know if you need any help.
If that is a primary residence for the renter - you do not charge any tax from renter.
If a rental or lease of living or sleeping accommodations is for less than six (6) months it is considered to be a transient rental.
Anyone who rents living or sleeping accommodations must file an Application to Collect and/or Report Tax in Florida with the Department of Revenue.
A separate dealer's certificate of registration is required for each property.
The tax collected will also depend upon the Local Option Tourist Development tax rate plus any locally imposed Discretionary tax.
These two rates will be added to the Florida state rate of 6%.
St. Lucie Discretionary Sales Surtax Rates for 2008 - .5%
Ft. Pierce 3111 N. University Dr. (Suite 501) Coral Springs, FLNNN-NN-NNNN/p>
Joseph Sexton, Sr. (NNN) NNN-NNNN email@example.com