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.
If you choose to have your federal tax refund direct deposited onto a prepaid debit card or other bank account, you should receive your refund within 21-28 days from the date you complete the filing of your tax return. A helpful video from the IRS is shown below with more details.