Depreciation on new duplexes

[Dustin Awtrey]

If I am building a new duplex on a lot that is already paid for and it cost me $100,000 to build, and the finish product is worth $250,000 and the value of the land is $50,000 which amount can I depreciate, the $100,000 it cost to build, or the value of the property $250,000 minus the land cost $50,000 which would be $200,000?