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.
Wait longer than that and you won't get a refund. 1  If it's been more than three years since you filed the original return and you owe money to the IRS, you should still file an amended tax return. 2  The IRS can audit your returns back as far as six years, although the customary audit only goes back three years.