tax loss for full time investor

[Rich Schroeder]

I have a meeting with my accountant later next week. However I would like to be able to speak intelligently with him, so I'm looking for some information.

I have a day job, my wife stays home with the kids. We are both on the LLC for the rental property (more properties on their way). If I claim the rental properties on my taxes, I can't take a loss, correct? I can only even out to $0. If my wife (assuming she works X number of hours per year) claims the properties on our taxes, she can take up to a $25k loss because she works more hours in the business than any other job. Is this generally correct?

Thanks
Rich