With an AGI> $150K, is it true that I lose my ability to deduct my interest, taxes, and depreciation for a rental property? If it is true, is there any way around it?

no not true; I think the person who told you about the $150K was referring to the Schedule A and if you're subject to AMT. All of those expenses are deductible on a rental property. You'll need to complete a Sch E; these don't go on a Sch A, that's where your personal residence home expenses go. If you did actively participate, as of 2014, you are able to deduct up to $25k in passive loss from non-passive income, such as wages from your job.but, The full $25k deduction of passive loss from non-passive income is only available to taxpayers with a modified adjusted gross income of $100k or less ($50k or less if married filing separately). It phases out above $100k and ends entirely for earners with incomes of $150k and above.