What are the tax implications of owning a rental property in Florida?

Owning a rental property in Florida can be a lucrative investment opportunity, but it comes with tax implications that property owners need to be aware of. According to the US Taxation Service in Florida, rental income is subject to federal and state income taxes, and property owners are also required to pay property taxes on their rental properties.
Additionally, property owners can deduct expenses related to their rental properties, such as repairs, maintenance, and utilities, from their taxable income. However, it's important to keep detailed records of these expenses in case of an audit. Working with a reputable tax service can help rental property owners navigate the complex tax laws and maximize their tax savings.