I'll take a stab. I believe you can only claim losses up to what you earned from the property. Example, you earned 10000 in rent for the year, losses and deductions are claimed up to 10000. Not exactly certain, but anything more is added on as the adjusted basis of the investment property when you sell it. Check with your tax preparer, they would know for sure.
It would be wise for you to ask your tax preparer or a financial professional this question. I think it depends on how your rentals are set-up (i.e. if it is a business, etc.). Please keep us posted on what you learn for our benefit, if you would.