cost basis for rental property

[Kevin L.]

Hi all, 

Does anyone know if we are allowed to change the cost basis for rental property? 2013 was the first year I placed a primary residence into a rental and according to IRS rule the cost basis was the lesser of fair market value or purchase price. I opted for the fair market value because the value had declined compared to the purchase price. 

This year, the value has rebounded and exceeded the purchase price, does anyone know if we can adjust it back to the purchase price for depreciation purpose?