you take the 481 loss adjustment in the year you file the 3115 - no reason not to. that loss becomes part of the passive rental loss. when adjusted gross income exceeds $150K for a tax year the amount of the passive losses that can be deducted is limited. maybe even zero. the full amount of any disallowed loss is available in the following year but again subject to the passive loss rules.
it is not deducted from the sales price of the property. the loss is allowed as an ordinary loss on Schedule E.
however, as you may be aware. upon sale at a gain, some or all of the depreciation is recaptured as section 1250 gain
