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Get your taxes done using TurboTax
@DaveF1006 Thanks! In doing more research, I've read that the depreciation deduction allowance starts when the intended business begins ("equipment acquired and used during the startup period is not considered placed in service for depreciation purposes until active business begins"). It seems putting Jan 1, 2024 or the official business start date in 2024 doesn't make a difference so it seems the more conservative option would be to put the official business start date (when active operations began) as the place in service date?
March 27, 2025
6:11 PM