Triple Net Lease: (n) A lease agreement in which the tenant is responsible for paying not only the rent, but also the other expenses applicable to the property including repairs, taxes, association dues, insurance, etc. This is very uncommon in residential lease agreement in South Florida.
New IRS tax laws for 2018 tax season regarding Triple Net Lease agreements will most likely affect those rental property owners that report their rental income through a C Corp (NOT S Corp or LLC). For more information on new tax code changes for Triple Net Lease situations, read more here: Why is the IRS Punishing Triple Net Landlords?
Note: owning residential property through a C Corp AND using a Triple Net Lease for residential property is NOT COMMON in South Florida.
Note to our Rental Property Management Services landlords: we do not use Triple Net Leases for any of our management properties. If we manage your rental property, this new tax code re: this type of lease/rental situation does not apply to you.