Depreciation on Foreclosure

[Erik Garland]

Hey guys/gals. Straight to the point

I purchased a foreclusure for approx 24k, it didn't need much work, maybe 2k.  The Tax value with county is 37k for building and 5k for land.  When getting cost basis for straightline depreciation, what do I do? 

-- 37k (county's building value) is 88% of 42k (county's total value).... 

Should I take 88% of my purchase price of 24k= 21k and use that for my building cost?

Or can I use the 37k as my cost basis.

Thanks a ton !!! I've not depreciated anything for about 3 years now :((