AGI >$100,000 Can't deduct rental losses?

[April Birdsong]

Hi there

I am new to investing, looking at a SFH for my 1st rental property and trying to understand the tax benefits that are often spoken of on the podcasts.

But, my CPA says that because my AGI is >$100,000, I am not able to deduct rental looses that exceed my rental income.  The losses accrue until I either have a profit to net them against sell of the property (which I am going to buy and hold). 

Also, I will be putting in $30,000-40,000 in upgrades to get it rental ready.  CPA says that will be depreciated over the 27.5 years.

I am trying to understand how this will effect me on a yearly basis. Any insights to help me is most appreciated. 

Thanks so much

April