I have owned and managed rental properties for over 20 years. And to the best of my recollection, have always used 12-month leases with tenants. But here in
leases are just about worthless. The laws are very one-sided in favor of the tenant. Florida
However, I was recently reminded of an important reason for having a lease …
Plus here in
, we have a 5% bed tax. Now you would think that a bed tax would mainly apply to hotels. But no! The same deal … without a lease of six months or longer, you better collect the money and pass it along to the tax collector. Palm Beach County
Laws can vary. But with most states and municipalities awash in red ink, you can be sure they have teams on the prowl for landlords who aren’t coughing up sales tax, bed tax, or what ever they want to call it.
My advice: Check with your state’s department of revenue and local tax collectors. Otherwise you might end up footing an expense that you could have easily avoided.