Yes you still can offset your capital losses against your real estate capital gains and this will reduce your income and thus reduce the amount of tax you will pay, whether AMT or otherwise.
Rental expenses can also continue to be deducted against rental income.
As we rid ourselves of our rental property we were hit with AMT for a number of years. There is only so much you can do.
No more lawyer stuff, no more political stuff, so no more CYA