First we must be clear about the use of the property received. Both properties must be held for use in a trade or business or for investment. Property used primarily for personal use, like a primary residence or a second home or vacation home, does not qualify for like-kind exchange treatment. This means the property received must also be a rental activity (business use) or you must treat it like a sale and pay tax on any gain.
If the property received in the Section 1031 exchange is for rental activity use continue reading. Any rents received on the new property belong to the assets that you will list for depreciation (now ALL assets are considered as the new property even though they continue on).
The relinquished property is and should still be there in 2020 because the trade did not complete until 2020. Confirm there is only a small amount, if any at all, of depreciation for the the relinquished property, which would be correct due to the exchange. The key is to confirm the correct amount of depreciation, without duplication, is being calculated for the year 2020 (on the old property asset which is also the new property asset - they are of course one and the same).
If this is the case, then you should add the asset again as described above. You must now see this asset as the new property received in the exchange and it is no longer the property given up. The same applies to the loan fees being amortized.
Lastly, you add the extra money used for the exchange as the third asset, placed in service in 2020.
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