Rental property tax deduction

[Hassan Oukacha]

I'm filing my 2017 tax as married jointly. I have 2 rental properties that are both making losses for 2017 due to deduction and cost of acquisition + rehab; we acquired both of them last year. I am using TurboTax to file my tax. 

It seems that between depreciation and improvement cost, I have about -$6000 loss for each property. Hence for2 properties, I should be able to deduct $12000

However, the software does not allow me to deduct this amount, due to our combined income, which exceeded $175000 in 2017. Is there an income cap above which you can't deduct any rental related loss? if so, is there a way to go around that to qualify for this deduction?

Thank you 

[Edward B.]

@Hassan Oukacha, your ability to apply passive losses to your active income phases out from $100k-$150k. It will carry forward, though.

Based on the little bit you included, however, you need to find an accountant to do your taxes. You are going to cost yourself way more than you will save by doing them yourself. And TurboTax is not set up to handle this kind of stuff. Not well, at least, which is why you are here asking questions that your CPA would know the answers to. As well as the multitude of questions that you have not even thought to ask.