I have passive rental loss of $12K this year. Does it make a difference re: deductibility of the loss if the property was placed in service before 1986?AGI was over $125K

[MichaelL1]

No it does not matter.

This is only exception I am aware of:

Exceptions to the phaseout rules.

A higher phaseout range applies to rehabilitation investment credits from rental real estate activities. For those credits, the phaseout of the $25,000 special allowance starts when your modified adjusted gross income exceeds $200,000 ($100,000 if you’re a married individual filing a separate return and living apart at all times during the year).

There is no phaseout of the $25,000 special allowance for low-income housing credits or for the CRD.