if you do not actively participate in the syndication its passive losses can only offset the amount of net passive income from the SFRs. Any excess would be a carryover to the following year. Review form 8582 where the limitation is calculated. also realized with such a huge deduction in year one it could throw off income in year 2 and beyond.
certain states, if you have a state income tax may not allow the full bonus depreciation regardless of active or non-active prticipation.
