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.
Tracking tax refunds is quite the adventure this year. Readers are reporting all sorts of data points in how long it takes to get your tax refund back. Originally the IRS started out with an aggressive one week turnaround on tax refunds for efiled returns.as told refund would come on 2-26-12. Every other year it was earlier than the given date, leading me to believe it was a no later than xx-xx-xxxx. From what I understand there is a delay of 10 to 21 days. Now on march 30(33 days later) I still havenât gotten it.