You have a choice.
If you use the appraisal as your basis, for example, with zero basis in the land, you will need to remember this for the future. When you sell the property, you must apply the entire sale proceeds to the basis (and nothing to the land).
Otherwise, you need to allocate the basis (whichever number is lower) to building and land. Property tax statements typically split out the land. You can use that ratio (building to land) to calculate a basis for the building by itself. Or the Realtor who did the appraisal may be able to provide a separate basis for the land.
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