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. However, once we got started, they announced a one week tax refund delay. But then it got worse and after a few more IRS alerts, the IRS thought that returning to the historical range of 10 to 21 days for tax refunds would work for the majority of filers.