Real Estate LLC Worth it? What about for each property?

[Account Closed]

1. 1. It seems like taking advantage of depreciation and all of the tax benefits of real estate are lost if your income is >$150k, unless you are a "real estate professional", right?
   
2. 2. I've read a lot about legal entities that you can form for legal protection and tax benefits. But I've also been told, its generally not worth it to form an LLC for each property, because 'piercing the corporate veil' is generally trivial if needed.

[Basit Siddiqi]

@Account Closed

If you make above $150,000. You are correct that you can't offset the losses from real estate with your other income. However, I wouldn't go so far to say that there are no tax benefits.
First and foremost, you may be cash-flow positive on your investments yet report no taxable income thanks to depreciation.
You can be in the top bracket yet pay no taxes on that cash-flow.

LLC's and asset protection is something to be discussed with an attorney. If you treat the LLC like a business, there is no reason that it shouldn't give you the protection you are looking for.