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We are considering renting out a house that was a primary residence. We are aware of capital gain exclusion if we sold within 3 years since leaving the house, however, our intent is to keep the house as long as possible, since current rent rates in the area will make the house slightly cashflow-positive.

Another motivation is due to the fact that the tax benefits due to depreciation allowed on a rental property are great. Is there an income limit above which they stop working? In other words, would something like AMT take away these benefits out of your tax returns?

Thanks a lot in advance!
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