However, you are able to depreciate the building and its’ components.The land value is utilized in a cost segregation study and it is crucial that it is accurate so that it does not result in incorrect depreciation calculations which would open you up to the risk of an audit if it was overstated or you would miss out on tax savings if it was understated.So, we now understand the importance of the land value, but how do we calculate it?

Put your gas that you use for this on this card along with any other expense you incur for the property.If you have personal and business mixed when going through an audit you have a lot of explaining and proving every little expense.

Just make sure it's a reputable company and that their documentation will hold up in the event of an audit. 

The IRS has three years from date of filing to audit your tax returns.  

You don't need audited statements.

In that case, some carriers will perform an audit of agents on the brokers policy to see if they are over the 25% threshold. 

Keep the appraisal as documentation in the event of an audit and use those numbers.

I have seen to many people try to do taxes themselves and then we have to go back 3 years and amend the returns because the taxpayer either is exposing themselves to audit risk or missed out on a great deduction that would have resulted in a larger refund 

I have faced this for many years and has not been an issue (yet), and survived the scrutiny of an audit.

Keep in mind if you do get audited, your receipts from grocery stores, local entertainment, etc could substantiate your claim.