CPA HELP! Income 150K+ ...CPA says won't help on deductions
Hello BP community!! My husband and I met with our CPA for the first time today and she dropped a bomb that blew us away. She informed us that because we have a combined income of 150K+, all of our repairs, reno costs, etc that we did last year on out first purchase will not help us this year since our W2 income is so high and their was no income yet from the rental property. She said that we will have to wait until we start showing a positive balance sheet in the business. Is this true?? We never knew this was a thing. Please help!! Any guidance is greatly appreciated. Thanks!