I have a rental property I just put in service in 2015. I am filling in Turbo Tax with the current value of the property from the local tax assessment to start the depreciation.
HOWEVER, I an now in the process of completing major renovations of the property that will significantly increase its value and plan to have a new "fair market value" assessment by a property appraiser done when they are completed in the next couple months.
When I file my return next year in Turbo tax can I just go into the "Depreciation" section for that property and change the original property value I put in this time to the new (higher) property value based on that new appraisal?
How would I do this?
