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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11379
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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How I may calculate the depreciation for the house that cost

Customer Question

Good I may calculate the depreciation for the house that cost me $194.9oo in 2004
Submitted: 6 months ago.
Category: Tax
Expert:  Lane replied 6 months ago.



For residential property, the class life is 27.5 years, and it's take straight-line


So, 194,900 / 27.5 = 7087.27 per year


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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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