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We have recently sold a condominium which we held as an investor. Although we activly managed the property, we were unable to take the losses against our ordinary income in previous years as our AGI was over the limit for deducting such losses. The losses have been carried forward for about 4 years.

We are due to settle on the sale in December. As the "activity" is no longer ongoing for us, will we be able to take the current year losses and prior year losses against our current year income even though our AGI is higher than the limit for ongoing activities?

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