Thanks Carl, Of course suspended PAL does not include back rent, just the actual expense items. Still, it exceeds all other gains I have, so part of it would be wasted, while any future recovery will be fully taxed. Oh, well...
As for the last portion of my question, some my future legal expenses might take place in one tax year, while the recovery will take place in the different one. Could I deduct or otherwise use those legal expenses if I don't have gains in that tax year? It's like an investment that I make today to gain in the coming years. If the gain comes in the future tax year, is my investment lost for tax purposes this year?
P. S. I have no choice but pursue the back rent in court - the amount is too high to just leave it.
