You may not get the deduction this year, but you will sometime in the future. The loss on a property is referred to as a Passive Loss. This loss can offset any passive gains and will fully be used when you sell the property.
Another key point. If you have a rental property, be sure to take the appropriate depreciation each year. When you sell the property the IRS rules require that you recapture all of the previous depreciation whether you took it or not.
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