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@George4Tacks wrote:

"Do you report as two items? Land and building separately? How do you decide the allocation, since all we typically have is a property tax bill that is not very accurate. 

I don't think I have ever separated and I have never seen a nasty gram from IRS. I have only been doing this 50 years, so this may be a new trick this old dog needs to learn."

1 - This is not a new thing. We always separate land and building as only the building not the land is depreciable.
2 - I decide the allocation by prorating the values based on, in order of preferences:
2a - county record which has separate values on the land and building
2b - private company's assessment
2c - Insured value for the building
2d - 80:20 ratio for the building and land

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