Hide label in a layout

Hi, I have two labels in my layout (label1, label2). In some cases Id like to show label1 but not label2, and in other cases Id like to show label2 but not label1. 

Is there a way to "hide" or "show" labels in a layout in run-time? I know it is possible to change other characteristics of a label, such as font and positioning, but I aven't found any way to hide or show. 

best regards

Fredrik