Depreciation calculation question

[Brett Ferrara]

How do you calculate cost basis when the property is a condo? From what I've been reading about depreciation, cost basis does not include the land. Is it just most of the time close to the purchase price? I paid $255,000 for my condo and it's on the third floor. The property appraised for $259,000, sorry if this is a noob question but does the appraisal report negate the value of the land underneath the condo?