Tagteam,
This is a vacation rental property that will be managed by a Property Management company. The LLC is effectively a landlord earning passive income. Your point is since this is not "active" business, all the acquisition costs I have incurred should be rolled into the total cost basis of the property and be depreciated over time, instead of being deducted in the first year.
You may be right, but to be honest, I don't care too much about that right now. At this point, my biggest concern is to determine if I need to file 1065 for 2020. Everything else can be sorted out by my CPA next year.
So, given all that, I am coming back to my earlier question: these acquisition costs are not considered credits or deductions per IRS instructions, therefore I don't have to file 1065?
