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 same goes for tax credits such as the Earned Income Credit (EIC). This means that youâve got 3 years to file a late return and still get your refund. So if you havenât filed your 2010, 2009, or 2008 taxes, youâve still got time to file and get money back. The next deadline is April 15, 2012.