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I am in the 33% tax bracket and I depreciate my rental property.
There isnt a limit that I am aware of.

Let's see if we can pull this together since both responses are right--as far as they go.

There are no limits on specific types of expenses because of income. If the rental results in a tax profit we're done. If the rental results in a tax loss, which is possible even with a positive cash flow, the income-based phaseout of current loss recognition akg mentioned comes into play, and the loss is carried forward.

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