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.
Refunds After 60 Days. If the buyer requests a refund more than 60 days after the original transaction date, you will not be able to issue a refund through the Transaction History page. Instead, you will need to use the regular Send Money function on PayPal. When you issue a refund in this manner, you will not be able to recoup the selling fees.