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.
You generally have three years from the date you filed your original tax return or two years from the day you paid the tax, whichever is later. If you donât file your tax refund claim within the relevant period, you forfeit the tax overpaid and you cannot reduce future income tax bills for it.