How do rental losses work if income is over $150?

[Arthur Schwartz]

Hi there!  I am interested in how rental losses work if income is over $150K and if not a real estate professional.  First, I suppose that these losses can be carried forward but how are they eventually taken?  Only in the year of sale of that property? What if a different property is sold; can the loss carryforward from property A somehow offset a capital gain on property B?  Second, is the accumulated loss offset against W2 income or offset against capital gains?   Third, say one property is cash flow negative, another cash flow positive?  Are all properties looked at as a group?  (If these questions are basic, please forgive me.)  If there's is a simple illustration with hypothetical numbers, it would be appreciated.  Thank you!  (Rental loss = repairs or renovations exceeding rental income)