You may be in the range where the passive loss is phased out or disallowed based on your Adjusted Gross Income (AGI).
There is an exception that allows you to deduct up to $25,000 passive loss for rental real estate, but this exception does phase out as your modified Adjusted Gross Income (AGI) increases. It starts to phase out at $100,000 modified AGI and completely ends with modified AGI above $150,000. There are different limits and rules if Married Filing Separate.
To learn more, see the following TurboTax article: Real Estate Tax and Rental Property
The discussion about passive activity losses is at the end of the article.
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