Hi, I have two residential rental properties in an LLC that I created, primarily for liability protection. One of the properties is generating passive income, and the other one is generating passive losses ie. rent is less than the expenses, depreciation, etc.
My question is - since both properties are under one LLC, can I use the losses from one property to offset the gains in the other when I file my taxes? I live in California, where both properties are as well. Thanks!
