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.
How quickly will I get my refund? We issue most refunds in less than 21 calendar days. Iâm counting on my refund for something important. Can I expect to receive it in 21 days? Many different factors can affect the timing of your refund after we receive your return.