palrental
Returning Member

Deductions & credits

I understand that all property PAL is released.  Can you clarify if:

 

1)  PAL from property B can be used to offset property A capital gains?

2)  If answer to 1 is Yes, do I have a choice as to how much I can apply of the property B PAL or must I apply all of it? 

 

What is the IRS rules and regulations in this regard?  Can you tell me which IRS regulations are applicable here?