Question

A single-family property recently sold for $555,500. the site value is $120,000. the cost new of the dwelling is $498,750. what is the amount of accrued depreciation to the dwelling?

Answer 1

The amount of accrued depreciation to the dwelling equals to $63,250.

What is an accrued depreciation?

This refers to the loss in value from reproduction or replacement cost new due to all causes except depletion as of the date of appraisal.

Cost of land = $555,500 - $120,000

Cost of land = $435,500

Accrued depreciation = Cost of dwelling - Cost of land

Accrued depreciation = 498,750 - 435,500

Accrued depreciation = $63,250

Therefore, the amount of accrued depreciation to the dwelling equals to $63,250.

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