Yes, if you do not hold any other rental properties, this would be the complete disposition of the activity. Unused PALs are suspended and carried forward to future years until the taxpayer disposes of the particular activity that generated the losses and you sold the properties to an unrelated party. In addition, if there are losses greater than your gain on the other rental property, any excess will lose the passive loss character and may be used to offset other income (if qualified) See IRC 469 (g).
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