No, you do not re-establish a new basis. When a rental property is idle for a period and then resumes rental use, the IRS says to continue to claim the depreciation during the idle period.
Excerpt from Publication 527:
"Idle Property - Continue to claim a deduction for depreciation on property used in your rental activity even if it is temporarily idle (not in use)."
The only time you have some new basis is if you add to or improve the property such as a remodeling project, or an addition. In that case the expense is depreciated as a new asset. Click here to read the applicable section of Publication 527.
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