No way possible any reader of the original post knows it's owned by a multi-member LLC. You didn't specify that. You didn't even identify the version of TTX being used, as indicated by the "not a product question" at the bottom of the original post. Basically, you'll report the acquisition of the property on the 1065. How you'll deal with this on a 1065 I haven't a clue, since it was not placed in service and actually "Move in ready" on or before Dec 31 of the 2020 tax year.
Since depreciation starts on the first day the property is "available for rent", I am of the mindset that one should keep depreciation as minimal as legally possible. This is because when the property is sold or otherwise disposed of later, all prior depreciation has to be recaptured in the year of sale or disposition. Not only do you have to pay tax on that recaptured depreciation in the year of the sale/disposition, it also increased your AGI in that tax year and depending on the numbers it has the potential to bump you into the next higher tax bracket.
If the law allowed it, I wouldn't take a penny of depreciation at all. But unfortunately, I don't have that choice.
