Which Improvement Value should I Input?

[joeyseven]

I own a rental property and need to report rental income/expenses for year 2020 for the first time. 

In the "Enter Property Tax Values" section, it asks to input the Land Value and Improvement Value. I have the property tax bill, it mentions Land is $35,000 and Improvement is $201,700.  I didn't put any improvement myself when I purchased it. So, which improvement value should I input here?

[Irene2805]

You can use the values on your property tax assessment and enter $201,700 as the value of the "Improvement."  You could also use the value of the property at the time it was put in service as a rental (if you have that information).  The improvement is the house and other buildings, but not the land.  Improvements can be depreciated, while land cannot.