No, that is not your homes basis for depreciation. Per IRS Publication 527, Chapter 4, Page 15: When you change property you held for personal use to rental use (for example, you rent your former home), the basis for depreciation will be the lesser of the fair market value or adjusted basis on the date of conversion.
The basis for depreciation is the lesser of:
• The fair market value of the property on the date you changed it to rental use; or
• Your adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis. For other increases and decreases to basis, see Adjusted Basis in chapter 2.
Additional information: Where do I enter income and expenses from a rental property?
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