You fill out the information on the "Asset Entry Worksheet" to depreciate something.  You can either double-click the box for Line 18a of Schedule E, or scroll about 40% of the way down on the Schedule E Worksheet, and click the "Quickzoom" to open an Asset Entry Worksheet.

As was noted, you depreciate the Basis, which is usually the cost.  If the asset was converted from personal use to business or rental use, you use the LOWER of the cost or the Fair Market Value on the date it was converted.  You enter the TOTAL amount (building and land), and then you also enter the land cost (you may need to estimate that one).

You also need to ask about the details for that so-called "repair".  Spending $17,500 for a "repair" is unusual, and it might actually be an improvement that needs to be depreciated.