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Updated about 1 month ago on .
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The "in-service" date
When thinking about depreciation it's not about when you buy the property, it is when you "put it into service."
When you buy determines your short/long term capital gains.
The "in-service" date = The point in time when you can start taking depreciation from.
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- Tax Accountant / Enrolled Agent
- Houston, TX
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Not interested in arguing the obvious further. The Regs language is clear:
...Property is first placed in service when first placed in a condition or state of readiness and availability for a specifically assigned function,..
If you want to twist its meaning, go ahead, it's not my game.
PS. You may also want to review 2013 TC cases of a) Brown and b) Mears.