LLC that owns real estate in the U.S. can generates rental income (or loss) from renting out the properties and collecting rent from tenants and capital gain (or loss) from the sale of such properties
. Since both incomes are related to assets and operation physically located in the US, they will both be subject to US taxation. The income will be subject to Federal tax and to the state tax in which the property is located. For example if you have a Delaware LLC, with property in New York and property in California, you will be subject to Federal tax on income from both properties, New York tax on the property located in New york, and California tax on the income generated from the property in California.