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Updated almost 5 years ago on . Most recent reply
Business Personal Property Tax Return
2017 was my first year in the vacation rental market. I just received a letter from the county requesting that I complete a Business Personal Property Tax Return. I called and spoke with the lady in charge and she said that I needed to list everything that was not attached to the home. Since I bought the home furnished she said I could list the purchase date of the original owners and the actual date of anything I bought for depreciation purposes.
Can you let me know how this affects me from a tax perspective? Will they assess my property tax AND the personal property so I will be paying more in taxes? Do I want to be more or less detailed? I have put together an inventory list of the entire house (online program called encircle-highly recommend it!) and was thinking of just sending that over to them but then I got concerned that it would be too detailed.
Any help from the experts is greatly appreciated!
Glen