Because of high income limits we have not been able to deduct any rental property losses for many years. The losses keep growing and are carried over every year. If we stop renting the property and turn it into our primary residence, would we be able to claim any of the carryover losses (provided our income was reduced and met the income limits)?
In short, if we stop renting the property before we reduce our income, do we lose all the carryover losses from prior years?
