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.
The best way to get information on when your refund will get to you is to use the IRS Where's My Refund online tool. Those who use electronic filing can check in after 24 hours to see when they might expect a refund, while those who file paper returns must wait four weeks after mailing to get information on their refund. As the chart shows, there are some things you can do to speed up your refund. E-filing your return is the fastest method, and it can also result in fewer math errors and other needless holdups than paper returns.