Depreciate a rental property bought with 1031 capital

[Roberto A.]

Hi all,

Here is my basic case to understand depreciation when a property was bought using a 1031 fund

My primary residence was sold with a capital gain of $200,000

A new house of a listing value of $350k was bought with the intent to use this property as a rental, a 1031 was used to deferred gapital gain tax from first property sell

Let’s say the new propery land was valued at $100k and improvements at $250k

The capital gain from the sale of the first house was used as down payment 

My question is:

What’s the value of the tental property i can depreciate?

Is it the whole $250k or only the difference after money from 1031, which is $50k?

Thank you