Bought in 2021, rehab in 2022. Tax handling?

[Stephen Lynch]

Hello,

I purchased a duplex in November of 2021, we've made some small repairs but it was mostly about getting the tenants out so we could start the rehab (scheduled for January). 

For 2021, I know it would be pretty easy to just do all the standard stuff for taxes (depreciate 27.5 of property, repairs, closing costs etc.).

My question is for 2022 after I do the rehab do I simply adjust the depreciation schedule based on the new appraised value, closing costs etc  over 27.5 years thereafter?

Thanks!