The loss has already been used up to offset active income over t

For example, I have a 70k W2 job and one rental property bought at 275K.

Every year, rental property generate income 8k, depreciation 10k,expense 3k total loss on rental property is -5k, I use it to offset my W2 income. so my adjust gross income was brought down to 65k

I hold the house for 15 years. In year 15, the house was sold at 375k.

Gain= 375K-( 275k-10k*15)=250K tax as capital gain

Ordinary income = 10*15=150K

Suppose I still make 70k 15 years later, In year 15, My ordinary income would be 220k, my capital gain would be 250k.

right?