If you're not allowed to claim a Rental Loss this year (due to your income), the loss is Carried Forward each year until you are able to claim the losses, or until you sell the property.
At that time, if you have not been able to claim Rental Losses over the years, you will have a large Capital Loss to take against the sale proceeds of the property.
Be sure that you indicated you 'actively participate' in your Rental Activity and that your investment is 'at risk'.
Here's more info on Passive Activity and At-Risk Rules.
@papa281
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