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.
There is no limit. However, a claim for a refund is limited to 3 years from the date of filing or due date which ever is later. Thus a 2010 return filed on 4/15/11 you can amend but no refund will be issued because that expired on 4/15/14. However a 2010 return filed on 1/1/15 can be amended and a refund generated until 1/1/18.