Discretionary Trust – depriciation as a deduction

Hi everyone,

My partner and I have explored having an IP in a Discretionary Trust with a Corporate Trustee.
The property is likely to run at a cash loss for now, with the losses carrying forward to offset any future income within the trust. Let’s run an example:

Income = $20000
Expense = $22000.
So there is a $2000 loss.

If we also put depreciation in the mix of say, $4000 each year, that equals to a total $6000 “loss”.

My question is: is that entire $6000 loss carried forward to be used in the future to offset any potential income or just the $2000? If just the $2000, then what happens to that $4000 from depreciation? Surely it isn’t loss.

Thanks!