Cost basis of rental property question

[Justin Fox]

I have a single family home that I refinanced in 2010 and paid off completely in July of 2013.  The home is now a rental property, and has been since 09/01/2014.  I didn't take the depreciation deduction on my 2014 return (there was no designated area to do so using the H&R block tool).  I have documentation reporting the principle and interested paid total.  I also have the Title Fees from the original refinance in 2010.

We built the home in question, so the land was given to us.  The loan was a construction loan.  Since the loan funds were strictly spent on the construction, would that mean the land value would play no part in my depreciation calculation?

So, would the cost basis for the home be the ((principle paid + interest paid + original title fees) / 27.5)?

Thanks for any help and I'm sorry if any of this information is hard to follow,

Justin