It depends on a couple things, your income and maximum allowable. I want to say you can take up to $10,000 if your income is less than $100,000 a year filing jointly, and you are allowed $0 if your income is greater than $150,000 filing jointly. My numbers may not be perfect, but there are bounds like this. Anything you can't take goes into "passive loss carryover", which will not come into play until you sell the property or business.