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Form 870 for Hollywood Florida: What You Should Know
If applicable, a valid federal tax identification number is also required. If not required, a certified copy of a valid Florida driver's license or identification card. This form is also known as the Special District of Columbia Certificate of Exemption. The form must be received by the City's Tax Compliance Unit within 20 days after the tax period in which the property was rented or offered for rent becomes due and payable. It must also provide a copy of the tenant's rent payment stub (or the tenant's lease or rental agreement) and the amount of rent. Any tax assessment that has been paid is included. The form must be sent via USPS, Express Mail Service Priority Mail or priority mail with delivery confirmation. Fees | If the completed form is returned to the applicant, the applicant is responsible for paying the additional cost for the tax assessment and tax filing by the City. Form 4868 & Payment: Form 818, Application for Excess Residual Value (Rent) Deduction or Deduction from State & Local Sales & Use Taxes, or Form 818A, Application for Excess Residual Value (Rent) Deduction from Property Tax. If a valid Florida taxpayer and/or tenant files the form, the tax benefits will be transferred at the time the return is filed. If a valid Florida taxpayer and/or tenant does not file the form, additional documentation shall be required (e.g., a copy of the application or form 812). The payment is due upon receipt of the returned form. The tax benefits will be transferable for six years or until all unpaid taxes have been paid, whichever occurs first. The application for the Excess Residual Value is filed only once, at the time the tenant first sub-leases the property. However, additional documentation may be required for additional years.  All documents received must be in the same folder. No Excess Residual Value Deduction of property taxes can be used to offset any sales taxes, real estate transfer taxes, or local parking fees.
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