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Investors & landlords
@Carl wrote:
From what I see in Pub 527, the IRS defines when an asset is considered placed in service.
You place property in service in a rental activity
when it is ready and available for a specific use
in that activity. Even if you aren’t using the prop-
erty, it is in service when it is ready and availa-
ble for its specific use.As I see it, the key words are "ready" and "available".
Understood, except, what is your point? A rental can be ready and available despite the fact that repairs are being made on the property. I have actually seen exactly the foregoing in practice.
Also, the original post in this thread, now marked as the best answer, contains some inaccuracies.
April 27, 2023
9:00 AM
5,781 Views