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.
In that case, your turn-around gets pushed back one month, and now you are talking about a wait of between three and five months for the answer to, â how long does it take to receive tax refund back?â Best of luck, and maybe donât wait so long to start preparing this year for tax season. Email.