Do I need a new CPA - depreciation over 150k

[Bill Schrimpf]

Today my CPA told me that I cannot take the full amount of depreciation on my rental this year because my adjusted gross income will be over $150k.  He said we can defer the deduction until we sell the property or AGI drops under $150k.  I'm (we) getting a huge income jump I AGI this year because we are getting married which brought this up; going from single to married filing jointly.  Talk about marriage penalty!

Should I change CPA's?  

Also, how does deferred depreciation help if I have to pay recapture taxes at the time of sale?

Thanks in advance!

[Justin R.]

This is a common limit that tax filers run into - it's very normal.  Any deductions for an asset that you carry over (including depreciation deductions) will be applied in whole when the asset is sold.  Meaning, you'll get to apply it to offset your recaptured income.

Having $1 now is better than having it later, but other than that it'll equal out in the end.