Passive activity loss - carryover rules?

We have ~$10,000 of passive activity loss this year related to a condominium we are renting out. We aren't eligible to deduct any of it because our income is too high this year. Will we be able to claim it in subsequent years? If so, for how many years into the future (if same situation applies the next year)?
  • what is passsive activity loss?  Does this mean time rental peoperty is not rented?
You can carryover the suspended passive loss indefinitely, and use it if:

1.  You have a net profit in the future.
2.  Your income drops, so that you can use the loss.
3.  You sell the property.
  • Does the program allow you to decide for yourself if you want to use a previous year loss or does it decide this for you?
  • No, if it can be used, it will be used, and you have no choice.  You can't defer the use to future years.
  • Are losses upon sale of a property- that is, you sell for substantially less than you bought- considered a passive loss to carry forward? If not, what is it called and does it carry forward as something? And is it declared as a previous year's passive loss?
  • I have a passive loss carryover for the previous year.  This year I am showing income on my rental property, however, TurboTax has not applied the carryover to my profit.  Do I need to change a setting to activate the carryover?  Also, can I use the passive loss from one property to offset the income for another rental property?  Thank you in advance.
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