placed-in-service date

Definition

The day on which an asset became available for use by a business. In most cases, the placed-in-service date and the purchase date are the same, but that is not necessarily the case. Depreciation begins on the placed-in-service date.

Use this term in a sentence

You may want tot try and make sure that you pick the right placed-in-service date so that you know things will go well.

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When preparing her tax papers for her accountant, Mary had to provide the placed-in-service date of the equipment used in her business, so he could accurately depreciate the capital assets.

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The Internal Revenue Service denied a Section 179 deduction in the previous calendar year as it deemed the placed-in-service date to be in January irrespective of when paid for.

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P&L placement