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Updated over 8 years ago,
Do I need a new CPA - depreciation over 150k
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!
- Bill Schrimpf
- 775-741-2326