LLC's don't pay any income taxes. So there is no limit on the Form 1065 for rental losses. However, rental losses can be limited on the LLC shareholder's individual tax return, Form 1040 based on the taxpayer's adjusted gross income, amount of available passive activity gains, real estate professional statuses, etc.
If the LLC is a SmLLC, i.e., owned by a single member, a Form 1065 is not required. The rental income and expenses are reported directly on the owner's Schedule E of Form 1040, subject to all the limitations.
An LLC can elect to be taxed as a corporation. In that case, the LLC would file a Form 1120.
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