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Do you mean a SMLLC formed in 2020 incurs expenses in 2020 to buy a rental property, but the property is not acquired until 2021?
Yes, that's the situation I'm referring to.
If the new rental property is the only activity of the SMLLC you do nothing with them in 2020. They are startup and/or organization expenses or they will add to the basis of the property.
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