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Updated almost 2 years ago, 01/01/2023
Placing an STR property 'in service' for depreciation
We're closing on a property in South Western North Carolina this coming week -- and we're trying to get the property ready to 'go live' as soon as we can. We also wanted to be able to take advantage of the 'bonus depreciation' -- and while reading through the IRS regulations on this, for real estate, it looks like 'placing in in service' has a varying definition.
What would be required for an STR property to be 'placed in service', for tax reasons?