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.
Tax Refund Dates Without a Delay. The IRS usually issues 9 out of 10 refunds within 10 days after efiling. The chart below will help you determine when you should get your refund. However, keep in mind the IRS tax refund schedule dates are an estimation and is not set in stone. Sometimes there are delays, which may cause your refund to take longer than 10 days to reach you. Anyone can get their tax refund faster by e-filing and opting to receive their refund via direct deposit.