Place in serviceQuestion What does it mean to "place in service"?
Answer "In service" is primarily a tax term used to identify when a depreciable asset is ready and available for a specific use, whether or not the item is actually used.
The "placed in service" date is when the asset - equipment, real estate, vehicle, etc. - is eligible to be depreciated. 
Brain Trust contributor:
Author of J.K. Lasser's Small Business Taxes 2007
Related Categories: Accounting, Finance, Taxes
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