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