Short-Term Rentals

What are the tax implications of renting my Keys home?

By Steve Conley

Short Answer

Rental income from Keys vacation properties is subject to federal income tax, Florida sales tax, and Monroe County tourist development taxes. Understanding the full tax picture is important for evaluating rental property investments.

Steve's Advice

Steve Conley

Principal, Conley Sales Group at COMPASS

Rental income is taxable, but you can deduct mortgage interest, insurance, maintenance, depreciation, and management fees. If you use the property personally for more than 14 days, the rules change. Talk to a tax professional who understands short-term rental rules in the Keys.

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More questions in Short-Term Rentals

Can I rent my Keys home as a short-term vacation rental? What is the 28-day minimum rental rule in Monroe County? Which Keys cities allow 7-day vacation rentals? How do I get a vacation rental license in the Keys? Can I rent my Keys condo on Airbnb or VRBO? How much income can a Keys vacation rental generate? What are the HOA rules for short-term rentals? How do seasonal rentals differ from short-term? What insurance do I need for a Keys rental property? Do Vacation-Rental Restrictions Affect My Home's Value?

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