Can I claim rental property carryover losses if selling a second property?

[CZI]

We have carryover passive activity loss on a rental property of $150k, and over $240k on CA state taxes. We have had this property as a rental since 2004 I don't want to sell this property, but I want to buy another rental property and hold for two years.  If I sell the second property, can I claim the entire carryover loss from the first property in the year we sell?    Are there any limits on the amount you can claim?  We are in the 33% tax bracket and AMT.  

[Critter]

If I sell the second property, can I claim the entire carryover loss from the first property in the year we sell?  

No you cannot. 

[CZI]

Can I only take the carryover loss when I sell that specific property?  What about selling like kind?

[Critter]

Losses are property specific.

[TaxGuyBill]

As Critter said, the Passive Losses are only released when that specific property is sold in a "fully taxable transaction". So even if it was sold in a like-kind exchange (Section 1031 Exchange), the Passive Losses would NOT be released.