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If an owner of an income property added a swimming pool to his property, how would this be treated for federal income tax purposes?
A. Added to the cost basis only.
B. Taken the first year as an expense.
C. It would have no effect on the income tax.
D. Depreciated over the life of the improvement.
Major or capital improvements added to an income, trade, or business property are to be depreciated over the life of the improvement.
 
 
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Pinky
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Educating realtors for 20 years
 
 
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This exam covers the national portion of the Sales Agent Exam.
Taken: 2,646 times
Added: 8/18/2008
Liked: 4 times
Audience: Professional

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Real Estate License
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This is a study group dedicated to those wishing to become real estate Sales Agents or brokers.
 
 
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Stanleyg
Stanleyg says:
My God, now I am nervous, my course I took had 40 percent of stuff unheard in my class.
Posted: 10/22/2009