Netting Gains/Losses from multiple rental properties

[yupod]

I own multiple rental properties. One of them has accumulated unrealized losses over the last few years. Can I harvest that with a profit from another rental property? If yes, what are the pros and cons of doing that or not? Is it something TurboTax H&B will prompt me do choose? 

[Carl]

Typically, the program takes care of that for you on the SCH E. I few years back I had a situation where I had paid off one of my three rentals. After that first full year with no mortgage interest deduction, the property actually showed a profit. That profit was offset "for me" by the program with accumulated losses on the other two properties. There was nothing to choose or select to make that happen. It just "happened".

If you'll take a look at the SCH E form, lines 24, 25 and 26 is where the math occurs that makes it happen.