Yes, you were required to use the lesser of cost or fair market value (FMV) on the date of conversion from personal use to rental use.
Yes, you can use a different year's land value. For the land, you can use a reasonable percentage of the cost for land. If you have the assessment from 2012, that is the percentage you should use to allocate the portion of cost to the land since the rental began then.
@MG26
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