No, your basis in the property is determined on when you actually purchased the property not when you converted it to a rental. You lose the exclusion of primary residence when you exceeded the occupancy rule that says you can take the exclusion of capital gains if you live in it 3 of the last 5 years prior to the sale. If you didn't meet this standard, you have to pay capital gains on the increased value and recapture of depreciation etc.
