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.
Â· just now. Report Abuse. You can file a return at any time. However, if they had a refund for any tax year, the refund goes *poof* if it has been more than three years since the due date of that return. For example, it is generally too late to receive a refund for a 2004 tax return.