new STR property - anything to do this year for tax advantages?

[Mike Leng]

Hi, I just bought a STR property. It's owned by a multi-member LLC consists of my family members. The closing will be early next year and of course no income yet from the property. Obviously there is already expenses related to the house, such as house hunting trips and home inspection, and etc. When I do the tax return for the LLC for 2020, do I just carry forward the loss to 2021? Is there anything else I should do to ensure max tax advantage for 2021 when there will be (hopefully) considerable amount of income?

If this post needs to be under a different section of the forum, please let me know.  Thanks.

[Luke Carl]

@Mike Leng really shouldn’t be any different than a LTR other than a few more expenses.

If the property is of significant value you’ll maybe want to do a cost seg.