We (married couple) have similar situation. We own two rental income properties. During the first few years, we accumulated passive (suspended) losses. Then we both obtained RE licenses and became RE professionals. Since then, we deduct our losses against other income.
Now we are selling one of the two properties. There will be a large capital gain. The suspended losses on the property being sold can be used to offset the capital gain. But can the suspended loss on the property we are not selling be used to offset the capital gain on the property being sold now?
