How to calculate "purchase price" of a BRRR? Depreciation?

[Joe Sampson]

I'm going to be getting my money out of my first BRRR this week & am hoping to have the next under contract this afternoon.

My question is how does one calculate the "purchase price" for the BRRR and if we have any insight on how to roll this into my current years tax situation and potential benefits in the coming tax year (current year depreciation and moving forward). I had some big ticket items like appliances, furnace, electrical improvements, etc and not totally sure if these fall into the "purchase price" for depreciation or if they would be on my tax year and would take a loss on the property (I'll have spent more on improvements that I will take in in rents)

Quick rounded info below that may be useful.  The property was purchased is 2019 (most improvements in 2020) & will be rented by the end of 2020 (with some income to show).

Purchase Price:40k

Back taxes:40k

Improvements (with receipts) : 20k

Holding Costs: Electrical, current year taxes, titles, closing, insurance : 5K

Any insight would be greatly appreciated!