I have two rental properties: the first one generates profit this year (but still with heavy carrier over loss), the other one loss this year, it is a loss if combining two together.
From Schedule E, line 21, line 22, line 24, and line 25, looks I cannot deduct losses for the second property due to income (line 25), but I still need to pay tax for the profit for the first property (line 24). Is this correct? can I combine them together? Thanks.