Any real estate professional would be able to give you an estimated fair market value for the renovated property.
Your adjusted basis for depreciation purposes would be the original purchase price plus any improvements (upgrades or additions) that you have made. Historical property tax records may provide the price you paid for the home. Improvement costs would come from your personal financial records.
Your best reference for reporting your rental activity comes from the IRS: Pub 527 Residential Rental Property
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