Depreciation is the decline in value of an asset over time due to wear and tear, obsolescence, or other factors. Depreciation is commonly used to refer to the decline in value of real estate, and it can be calculated using a variety of methods, such as the straight-line method or the declining balance method. Depreciation can be used to reduce the tax liability of property owners by allowing them to take deductions for the decline in value of their assets.
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