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1. Use the 85% of the tax assessors value of the property as the depreciable basis. I think saying the land is worth 15% and the building 85% is reasonable."

On what basis? 15% for land seems low to me for an older house. I have a reasonably well-maintained 1950s house, and the land value is probably nearly 50% of the FMV. Even or a brand new house in my neighborhhod (currently for sale) land value is probably roughly 25%.
My "assessment" bill for all 3 of my properties shows a portion for land and a portion for improvements.

What you need to find out is what the portion was for the tax year the property was put in service as a rental. Then you have a defendable depreciation amount.

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