Depreciation is foundation of property tax law. There are depreciation on buildings, airplanes, trucks, medical equipments. There is absolutely no income limit on depreciation.
However, there are income limit on how much passive loss could be deducted from earned income. Because depreciation could generate passive loss, I believe this is the answer you are looking for.
https://www.stessa.com/blog/passive-activity-limits-passive-losses/