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

[bobrgr]

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?

[view2]

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"

Continue

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.