A Brief Overview of Depreciation. Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
How far back can you submit returns or amended returns and still get a refund? You can go back three years from the original deadline of the tax return to get a full refund. After three years, you will not be able to obtain a refund. It is important if changes are needed on an already filed return that these changes are made within the three year time frame.
How far back can I file an amended return to claim a refund?Back to top You must amend your Minnesota return within 3Â½ years from the due date for the original return. For example, if your 2013 state tax return was due April 15, 2014, you would have to file Form M1X by Oct. 15, 2017 in order to claim a refund.