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.
The IRS website or TeleTax number won't have any refund information for at least 24 hours after your e-filed tax return was accepted by the IRS. If you mailed your tax return, it takes about 4 weeks before you can go to the IRS website or use TeleTax to find out refund information.