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New Member

Can I increase the Value of a rental property AFTER I start taking depreciation?

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?

This feature is pending. Thanks for your patience.
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New Member

Can I increase the Value of a rental property AFTER I start taking depreciation?

No, you do not change the original cost basis .

At the "Your asset summary" page for your rental ; little grey button generally to the lower left of screen "add an asset" click it , 

After you click add an asset screen

And add the total cost of the improvements on date placed in service.

"Describe This asset"

Select "Rental Real Estate Property"


Next screen:

'Tell us a little more About  your rental asset"

select "Residential Rental Real Estate"

Continue on out and in put data for a 27.5 year depreciated asset.

Improvements are according to IRS regulation a 27.5 year property.

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