No. The renovation is added to the basis of the property. You will depreciate it over 27.5 years and recover it in that way.
So I will add the year 2021 renovation cost into year 2022 depreciation when I file the tax return for year 2022 next year?
No, the renovation cost is added to the cost basis of the rental home, then the grand total is entered for the asset in 2021 . This is because you did the renovation in the first year you place the property in service for rental (converted from personal use).
Since this property was converted from personal use to rental use the starting cost basis must be the lower of actual cost or fair market value on the date of conversion.