Conversion to Rental Property - Tax Basis

[Colin W.]

When converting a property from personal use to a rental property, I understand you use the lesser of the adjusted basis (AB) or FMV. I've looked at comparable sales in the neighborhood at around the time of conversion. However, what is the best way to determine what portion of the AB or FMV is depreciable, i.e. non-land.

Would it be acceptable to use the "replacement cost" of the dwelling as outlined in my hazard insurance policy, as this value does not include land?