If you qualify, you can use passive losses, like those from depreciation, to offset your active income.

Talk to your tax advisor about how to release your passive activity losses based on your situation.This post does not create a CPA-Client relationship.

For instance, things like death, divorce, job loss, natural disasters, heath issues, etc may cause you to change your plans unexpectedly and may change what you do with your home as a result.

Other sources have certain loss limitations.2.

It would have been a different story if we were selling at a loss or a very small gain, but we were happy with the profit we made from the sale, and more importantly the experience we gained, so all the time and effort felt worth it to us.

Because of the balance sheet is off you can certainly bet that something is wrong with the profit loss statement. 

If even 1 tenant was not paying on time, it would report a loss.

Every day I buy a large Diet Coke at McDonald’s  $1.07 forever.  

By late October, after 60 days of vacancy and two rent reductions), the same Dundee RTR listing remained advertised on RTR’s inventory site at their initial rent projection.I have been working with RTR’s client success manager through these issues, and I am cautiously optimistic RTR will act in good faith to help offset the losses here once it’s finally rented.

I honestly wouldn't even trust anything QB is telling you when it comes to taxes.You're in a partnership, which acts like a conduit to pass through the income/loss of the activity to the individual owners.