I had two rental properties. One was converted to personal use last year and has passive loss carryovers. Can the net income from the other property be offset with the passive loss carryovers of the property that was converted to personal use?
No, rental losses will only offset rental income from the same property (until the year the property is sold). Since you didn't sell your property, converting it to personal use, won't release the losses.
However, there is a common election for active participation, which allows up to $25,000 of your rental losses to be deductible against all other types of income, including other passive income.
Rental losses are 'kept within the property' and only used to offset with rental income from the property in future years. When the property is sold, any carryover losses are released and will offset all other passive income.
There are two exceptions to this: