Loss and depreciation for taxes

[Jonathan W.]

I wanted to know if I show a loss on my property of lets say 3000, that I can deduct that from my w2 income and dont have to carry it foreward. I will be doing exterior paint and pay down debt. Since i show a loss I will have to carry forward my deperation for use later years. Is there a cap on losses or is it just depreciation?

Thank you in advance.