Income Cap for Rental Deductions?

[Justin Johnson]

Bought my first SF rental in 2017. Was excited to begin doing my taxes and deduct all my expenses I spent in re-hab, travel, etc. Turbo tax is indicating that if you make over $150k then rental deductions are not allowed? Is that correct? Tax savings is supposed to be one of the greatest benefits of being a landlord. Would hate to miss out on it.

[Logan Allec]

@Justin Johnson, you still get the deductions.  It's just if you have a tax loss on your rentals and other forms of passive income, you can't net them against your other forms of income (e.g., your W-2 wages) unless you or your spouse is a real estate professional.  And even these losses aren't lost forever as @John Smeltzer mentioned.  They are simply tracked and carried forward until you have passive income or you dispose of the property.