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.
Three Years. If you want your refund, you have three years after this year's April tax deadline to file. The IRS operates under a statute of limitations: unless it suspects fraud, or you've under-reported taxes by more than 25 percent, it closes the book on returns filed more than three years ago.