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 received a larger refund on your original tax return than you should have, you'll have to reimburse the IRS. Enclose a check for the difference. If you're due an additional refund, you can expect it to arrive in approximately eight to 12 weeks. Refunds from amended returns cannot be issued via direct deposit.