Thanks, @Mike9241 for the quick confirmation. Make sense, so for future years, we will track the separate loss carryover for the corresponding activities? The confusion here is both activities are "passive" gain/loss but I guess botton line is we cannot deduct twice here.
In my example
Real estate net income allowed: $1000 - $300 (carryover) = $700
Passive Loss carryover to 2023: $0
Business net income (loss) allowed: -$700
Business loss suspended for current year: -$300
Passive Loss carryover to 2023: -$300
Let me know if I understand correctly
