If you are excluding your gain on sale of your house from taxable income because of the primary home sale exclusion, then the suspended losses are not deductible.
Otherwise, you can deduct the suspended losses but you must use the desktop version of TurboTax to enter that adjustment on your tax return.
You can read more about this here:
http://www.otcpas.com/advisor-blog/principal-residence-rental-property/
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