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 e-filed your return and are expecting a refund, you should get it pretty quickly. The Internal Revenue Service says most refunds are issued in less than 21 days. That's assuming your tax return is complete, has no errors and is not affected by identity theft or fraud. So if it's been more than 21 days and you haven't seen any sign of it, the IRS gives you several ways to track it down.