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.
Also, the IRS isn't officially accepting your return until the due date. Don't worry, if you file early, you'll probably get your refund long before the due date. However, by law the IRS has until 45 days after the due date to get the refund to you before they would owe you credit interest on it. No matter when you actually send in your return, as long as it's by the due date, the computer will show April 17, 2017 as the official received date.