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Florida Real Estate Exam

Category - Florida

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For income tax purposes, on which of the following could depreciation be taken?

Raw land
Owner occupied residential property
Owner occupied farmhouse
Peach orchards

Explanation

Answer: D. Fruit and nut trees can be depreciated as property held for the production of income, trade or business. Owner occupied property as indicated in answers b) and c), and raw land stated in answer a), cannot be depreciated.

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