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Updated over 8 years ago,

User Stats

340
Posts
186
Votes
Bill Schrimpf
Agent
Pro Member
  • Real Estate Agent
  • Reno, NV
186
Votes |
340
Posts

Do I need a new CPA - depreciation over 150k

Bill Schrimpf
Agent
Pro Member
  • Real Estate Agent
  • Reno, NV
Posted

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

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