NOL Carryforward

[Ows News]

I rented out a property in another state. Due to a number of factors, the rental property has generate losses. According to the IRS, there is a limitation as to how much (loss) you can deduct. The Limit is $25K but if you make above $150K it's zero. If you're loss is higher than the allowable deduction, then you can use it in subsequent year.

For example, the property loses $50K. You're only allowed to deduct $25K of that $50K for losses in 2007. You have an NOL of $25K. FYI: this is the passive income limitation.

My question is say in 2008, you have this NOL of $25K but you sold that property. Can you use that NOL of $25K even though you dont have the property anymore?

Thanks