We have carryover passive activity loss on a rental property of $150k, and over $240k on CA state taxes. We have had this property as a rental since 2004 I don't want to sell this property, but I want to buy another rental property and hold for two years. If I sell the second property, can I claim the entire carryover loss from the first property in the year we sell? Are there any limits on the amount you can claim? We are in the 33% tax bracket and AMT.
