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.
What is the slowest way to get your tax refund? The longest amount of time your refund will take is if you paper file your return. If thatâs the case, you can tack on an additional 4 weeks to all of the times given above. Thatâs how long it takes the Tax Department to process paper returns.