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.
Any refund due you should be processed approximately 10 weeks after you receive your letter from the federal government (Department of the Treasury) or from the New York State DTF saying your tax refund was offset. If you filed a joint tax return, it may take up to 6 months.