When figuring out a cost basis of the rental, can i, or is there any benefit to, depreciate 33% of the land value from my tax assessors statement?
Land is never depreciated. I think you meant to say 33% of the structure value. You are required by law to depreciate the applicable structure value. In your case, 33%.
If you placed this property in service in 2019, it's important to confirm the depreciation figured by the program is "in fact" correct. That's because I don't think the programmers have yet addressed a problem I've found with this.
To confirm the program did things right, use the MACRS worksheet on page 36 of IRS Publication 946 at https://www.irs.gov/pub/irs-pdf/p946.pdf
For items on that worksheet that are not readily obvious or apparent:
1 - ADS
2 - I (the letter "eye") Residential rental property
4 - 27.5 years
5 - MM/SL (Mid-Month convention/Straight Line depreciation)
6 - Use table A-6 on page 70.
All the other lines are the info you have and I don't.
The results you get should be within $5 of what the program figures.
