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Real-estate investor to investor question - Is depreciation going to kill your profits over time?

I am a real-estate investor and taking about 30k of depreciation per year (as if I have a choice). My tax consultant tells me that, if I make a net profit (Acquisition cost - sold price - selling expenses), I have 2 types of taxes - Capital gains and Depreciation. 

He also suggested and recommended that I speak to fellow real-estate investors that depreciation *might* really hamper your profits. The keyword is 'might'. I am wondering if my fellow investors also have the same problem. 

Is this true? 
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June 24 - Phoenix
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Answers (2)

If you depreciate the property to have no value and then sell it for a gain.. you will get hammered on taxes.. I think your tax guy is may have a point. You can't have it both ways a tax loss and then not declare the gain. I would find a Investment group to chat with and call a few other long term investors and CPA's for advice before taking anything here as gospel. 
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June 24
I think you should speak to another CPA that can give you a second opinion.  You should never take advice from people that are not experts!
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