#1 - Having prefaced the above, am I able to utilize the annual loss (NOL) from my rental property on my personal name AGAINST my ORDINARY INCOME that I receive via a K-1 from my LLC?======>Correct(actually your rental losses are not NOL; they may cause you NOL as you are a r/e pro on your SCh C aslongas you fiel SChC /Sch SE of 1040.as you can see, unless you area r/e pro, your Rental Losses Are Passive Losses ( I mean Rental losses are always classified as "passive losses" for tax purposes. This greatly limits your ability to deduct them because passive losses can only be used to offset passive income);however,
you, as a rental Property owner with modified adjusted gross incomes of $100K or less, may deduct up to $25K in rental real estate losses per year aslongas you "actively participate" in the rental activityby being involved in meaningful management decisions regarding the rental property and have more than a 10% ownership interest in the property. This allowance is phased out for you whose MAGI exceeds $100k and eliminated entirely when it exceeds $150k. Thus, it is useless for high-income landlords.
#2 - If I am able to use my rental losses against my ordinary income via my K-1 from my LLC, can I carry forward any unused losses? - And if "Yes" how many years?==========>>>>>yes and indefinitely until you claim the loses against your ordinary income; however, when you sell the rental pty at a loss then you do not need to recapture the unrecaptured sec 1250 depreciation taxed as ordinary income. ALSO, unless you are a real estate pro, you need to report your rental gains / losses on Sch E of 1040. If you have a loss to carry over, you also fill out Form 8582 and 6198 and report the final results on your 1040. Next year, if you have more passive income, you can write off this year's excess loss, or at least deduct part of it. Whatever you can't claim, you carry forward again until you claim it