I am a real estate professional and fill jointly with my husband. For years, my accountant only treat my rental properties with unlimited rental loss deduction. He restricted my husband's properties by the Form 8582. I didn't find out until this year that the rental loss of my husband's properties can also be fully deducted as long as the total loss is less than $25k. So we have the correct rental loss deducted this year... My questions is, could we do an amendment to remove the PAL for the past 3 years, or it is an irrevocable option that we have to wait to recover the loss until the day we sell the property?
TIA!
