Buying Real Estate to Reduce Tax Burden

[Sean Nelson]

Newbie here. Im fascinated with the depreciation aspect of real estate and I have a question.

Lets say I own a few different non-real estate related businesses. And my earned income from those businesses equals about $275,000.

Now lets say I buy real estate for the sole purpose of achieving a depreciation write off which equals about $275,000/yr. This means I would have to have a real estate portfolio or a single property with a value of $7,562,500. Assuming im understanding tax law correct, i could write off $275,000 each year because $7,562,500/27.5 = $275,000
Lets just assume the real estate property doesnt even cash flow. I just break even.

So in simplification purposes, I would be paying no taxes right?
$275,000 in earned income - $275,000 in depreciation = $0 in taxable income?

Is this all above correct, or is there some limit Im missing out on? Is there ever a maximum amount of Depreciation that I can use to offset my earned income? For example, lets say I make $1,000,000 in earned income each year, but I have $1,000,000 in depreciation