Land does not depreciate. You can depreciate structures that are attached to the land but not the land itself. If you bought land, and have not yet built anything on it, you have nothing to depreciate. When you build something, you begin depreciation when the building is placed into service (you start using it), at the cost you paid, regardless of when you actually paid the bills for materials and construction. (In other words, if you bought land in 2024, and you build a building in 2025 that is completed in 2026 and you start using it in 2026, you add the building as an asset in 2026 using the total cost you paid for the building (not the land).
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