Tax treatment for LLC with no income but expenses?

[Joe Lijoi]

Hi all! 

My current full rehab duplex project is owned by an LLC which owns nothing else or has not generated income yet. My question is can I use the expenses incurred on the project as deductions even though there has not been income or is the fact that it is a real estate project treated differently? This is my first property in an LLC so I am not clear on the rules and have been told differing things depending on who I speak to. Thanks in advance!