How to claim rental property carry over loss?
My wife and I have a rental property with $65k in carry over losses. We are not real estate professionals, but after reading the Material Participation Rules, I believe we may qualify for under #2 since we do not involve a real estate agency to rent or manage our property. Perhaps I'm wrong, please advise. Additionally, is we do qualify, will we be able to claim the $65k in losses or be subject to the $25k cap?
If we don't qualify, are there any other options other than becoming a real estate professionals to claim this loss?