How to determine depreciation for new construction rental home?

[John S.]

Hi BPers, I need help to determine the improvement portion for depreciation on my new construction home.  It was placed for rent on 6/19, and occupied 8/19.  The Property Record Card is not accurate.  It only shows the land value as $50k and no Market Value.  I bought the house for $289K.   Including closing cost and fee, the total cost is $300k.

1) I'm doing my own taxes, so do I list the land value as $50K?  Should the depreciation from improvements be $239K ($289K-50K) or $250K ($300K to include closing costs - 50K)?

2) What happens to the depreciation when next year the County increases the land value with the actual sales price of $289K?

3) One accountant told me if the County records are not accurate for new construction, he would use 80/20 or 50/50 depending on how expensive the house costed.  Has anyone else heard of these  rule of thumb?  How does one determine what is expensive enough to use the 50/50 rule?

Thanks all.