My partnership LLC purhased new commercial real estate (warehouse condominiums) in 2022 to lease to tenants. The warehouse units had no county tax assessment/appraisal value in 2022, I assume because construction of the warehouses was not completed until the middle of 2022. The warehouses do have a county tax assessment/appraisal in 2023, including value of the land. I'm trying to calculate the value of the land in 2022 for the cost basis as part of the depreciation deduction for each warehouse. What do I enter for the land value if the warehouse had no tax appraisal for 2022? There was land value in 2022, but it was a large parcel of land owned by the developer, only part of which the warehouses were built on.
