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Investors & landlords
It depends. If you deducted the losses in prior years, you don't get to deduct them again.
However, you may be able to deduct passive activity losses from previous years tax returns when you sell the property that generated them.
See Deducting Passive Activity Losses in this TurboTax Help.
“If your rental property has generated losses in past years, you might have suspended passive activity losses (PALs). You can generally deduct these passive losses only against passive income, which can be from other activities such as rentals or other passive business activities.
Fortunately, you can also deduct suspended PALs when you sell the property that generated them. If you sell a rental property with suspended PALs, you may be able to deduct them on top of deducting any Section 1231 loss from the sale. Like Section 1231 losses, deductible PALs can offset other income and also create or increase an NOL that you can carry backward or forward.” [Edited 2/23/20 11:08 AM] @beauguard
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