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.
Although your return is due no later than April 15th, the IRS will not pursue you for a return if they reckon that you don't owe any additional tax based upon the information that they have. You have 3 years from the filing deadline, as extended, to claim a refund. After that, it's lost forever.