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I rent out my construction equipment on part-time basis. I purchased 1 piece 2 years ago but didn't rent out until year later. What do I put as placed in service date?
I didn't put it in service right away because I wasn't sure I wanted to rent it out. Putting it in service later actually seems to help me get a larger deduction because the % use is higher and maintenance costs are higher for that period. The IRS definition seems arbitrary to me.
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‎April 4, 2024
6:23 AM