Higher Wage Earner (+$150,000), use of depreciation schedule?

[John Buchanan]

I'm new to real estate investing.  our income exceeds $150,000 so write-offs of losses from my understanding cannot be taken in each year they occur. My question is regarding the IRS required Depreciation schedule.  we own a rental property outright (no mortgage). after all expenses, the property is positive cash flow. even after applying the depreciation schedule, the property is still net cash flow positive.  Are we allowed to use the depreciation schedule?

thanks

[Tom V.]

I am not a CPA, but yes, I don't think your depreciation schedule depends on your other income unless you are trying to count passive losses, which you are not, by the sound of it.  

You should still be able to offset your rental income with property depreciation, you just couldn't use any passive losses (depreciation etc.) to offset other non-rental property income.