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.
Your return has been received and it is being processed. The processing time varies for each return. You should receive your refund 8 to 12 weeks from today provided you do not owe any taxes for prior years or other state agencies. It has been 12 weeks and I still havenât received a refund and is still saying the same thing.