How do high wage earners benefit from real estate related tax deductions?
Longtime lurker, first post. Thanks to the BiggerPockets community for all the invaluable advice -- it's helped me personally and professionally for many years.
Here's my question: This year my wages at my non-real estate job increased to $190,000. I'm a single filer with no dependents and really no deductions besides the losses from my real estate business, which this year total $25,000, and my personal mortgage interest of $12,000.
My accountant tells me that, because my modified adjusted gross income is more than $150,000 or so, I can no longer deduct my business losses against my income. Furthermore, he also says I can no longer deduct my personal mortgage interest expense against my income.
To the high wage earners out there -- any advice on how to still get these deductions, or other ones? Thanks everyone.