How does depreciation work with a refinance and the BRRRR method?

[Nick Troutman]

I have done a couple BRRRR projects which have worked out tremendously, though I have a question on my taxes and depreciation. I bought the properties for well under value, rehabbed them and have refinanced them, though my tax professional claims I have to do depreciation from our purchase price and not our appraisal price (which is now way higher). Is this the case, or could my tax professional be mistaken?

Thanks for the help BP community.