Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
If the property was used as a rental in 2015, then you can report it as a rental on your tax return. For 2016, if you convert the property to personal use, then if and when you ultimately sell the property, you will have to recapture the depreciation expense that you reported in the year of rental use. That depreciation expense should be relatively small, since it was only for one year, and you may never have to recapture it, assuming that you never sell the property.
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If the rent is payable to the property owner as an individual, then there is no Florida personal income tax. If, however, the property is owned by a corporation, then the corporation would owe Florida corporation income tax.
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