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.
â¢ The exact dollar amount of your refund. E-filers can get their refund information 72 hours after the IRS acknowledges your return has been accepted. So, if you e-file your return on Jan. 30 and youâre still waiting for your refund on Feb. 30, you know thereâs a problem. Time to give the IRS a jingle.