Real Estate Math
A Wyoming property was purchased for $220,000 and is depreciating for tax purposes over 27.5 years (residential). What is the annual depreciation deduction?
A$8,000✓ Correct
B$7,200
C$8,800
D$11,000
Explanation
Annual depreciation = Purchase Price ÷ 27.5 = $220,000 ÷ 27.5 = $8,000. Using the values given ($220,000), apply the appropriate formula.. The correct answer is $8,000.. This is a common calculation on the Wyoming real estate exam.
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