Land is not a depreciable asset. So, when you bought the property, the purchase price is made of improvements to land which includes the building and the land itself. The improvements to land is the amount that is depreciated if your property was ever used for a business purpose. You can find these values in the property records in the state where you bought the property. When you have the value of the land, you can then compare that with the price paid for the land. Being that this is your main home, you should qualify for the capital gains exemption. You may have to take the proportionate amount of the capital gain exemption ( $250,000 for single and $500,000 for married filing joint) and figure any capital gains that may be subject to tax. Hopefully, there should be none.
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