My Accountant says we make too much to have any tax advantages?

[Jay Kaltenbach]

Hey BP Nation...... I'm just looking for some opinions here. My wife and I recently purchased our first rental property in the central Ohio area. I'm sure I did this backwards but after purchasing the property a few weeks ago I asked my accountant about the tax advantages of owning rental property because I have always heard about these advantages. He says that due to the passive activity rules "there are essentially no current tax advantages to owning rental property at your income level" (our income level is above $150k). I'm wondering then, where/when do the tax advantages come into play?

Thanks for reading

Jay