Can I claim depreciation on a property I own to offset tax with holdings from my day job?

Yes, you certainly can deduct rental property losses against your W-2 income. This has no impact on your limited liability status.

Passive activity losses can generally only be used to offset income from passive activities. There is an exception to this for moderate-income taxpayers who materially and actively participate in the rental property. In the case of a taxpayer with an AGI of less than $100,000, up to $25,000 in losses is realizable in a given year. This phases out ratably until AGI hits $150,000, where no loss is allowed (these figures are halved for married filing separately taxpayers). Another exception is for rental real estate professionals (more than 750 hours of rental activities in a year). There are no loss restrictions for these "professional landlords." Unless you fit into one of the exceptions, the passive losses will be suspended and may be unused until the sale of the property or there is sufficient rental income to offset the suspended losses. Whether you are able to deduct your losses as a result of either of the exclusions above, the corporate veil issues is unrelated. The tax treatment of allocations from a disregarded entity are not a factor courts consider in analyzing whether the limited liability protection afforded to the owner of a limited liability company should be disregarded.