No, the basis for the rental does not need to be adjusted. Your losses for the property that you were not able to use in past years, "suspended passive losses", will be deducted when you sell your rental property.
The losses have been carried forward until you have disposed of the property in 2021. All of this will be calculated automatically in the rental income section of TurboTax if you have used this program in the past. This will be used to decrease the taxable gain that you have after depreciation recapture from the rental.
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