Yes, you show the correct breakdown for the land and building based on your example. The basis to the recipient (yourself) would be the building cost minus depreciation to arrive at the building depreciable basis for you. I might add that if there was any gift tax paid, the amount of that tax would also be added to the cost basis for the recipient as well (apportioned to building and land).
Note: To determine the allowed depreciable cost basis it will be the lower of:
- Cost basis as determined above, or
- Fair market value at the time of the gift
The land cost basis would not change because land is not a depreciable asset and not depreciation expense has been used on the land. If FMV is required to be used you can use the cost apportionment for building and land to arrive at the correct amount for each.
Your acquisition date will be the date of the gift (9/1/2021) for all three fields.
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