Using your 2020 tax values I also get 28% of total value is for the land. That makes 28% of your $256K purchase price at $71K. Now neither of our numbers are "spot on", as it's obvious we're using rounded figures. But for this, the IRS has no issues with that. My favorite quote on that one is "close enough for government work". 🙂
So the bottom line is, you'll be depreciating roughly $185K over the next 27.5 years.
Now just a personal note here, and it's just for your consideration "only" if you want to.
Since residential rental property will by nature operate at a loss every year "on paper" at tax time (if there's a mortgage on the property), I try to keep the depreciation I'm required to take each year, as low as I legally can. This is because in the tax year you sell (or otherwise dispose of) the property, you are required to recapture that depreciation and pay taxes on it. Also, that recaptured depreciation increases your AGI in the tax year you sell, which has the potential to bump you into the next higher tax bracket.
So were I in your scenario, I would allocate $72K to the land if my state taxes personal income. But if my state does not tax personal income, and would therefore have no reason to check the valuation I gave the land and structure on any state tax return, I'll allocate $75K to the land.
I am of the opinion (and we all know what opinions are like.) that the state would be 90% more likely to "check up" on that, than the IRS would. That's because the IRS deals with more than 300,000,000 tax returns every year. They don't have time for the piddly stuff. Even though they do perform "random" audits every year, all the time. But my chances of getting picked randomly are 1 in more than 300,000,000 plus. Whereas a state that taxes personal income will only deal with a fraction of that, depending on the population of that state.
