What does "placed in service" mean?

The IRS defines "placed in service" as when the property is ready and available for use. It's not when you purchase product, but the day installation is complete, and you are able to use your new product.
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Topic Information
  • Topic #: 23002-21703
  • Date Created: 5/12/2009
  • Last Modified Since: 11/7/2011
  • Viewed: 71082
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