Tax Deductions for Investment Property

[Catie Baker]

Hi everyone, question around tax deductions for investment properties. We purchased our first investment property last year and just met with our accountant to file our taxes. He informed us we cannot deduct any of the expenses related to the property due to us not being full time real estate professionals. And if we were full time, there are income limitations. He is not a real estate specific CPA and this is the first we have ever heard this, and we have taken a boot camp and listen to the podcast religiously. Is this correct??