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Generally, for Sec. 179 expensing purposes, property is first placed in service when it is placed in a condition or state of readiness and available for it’s a specifically assigned function. For example, a new printer is purchased on December 29, 2017 but is not taken out of the box and connected to the computer system until January 3, 2018. Under these circumstances the printer is deductible in 2018 and not 2017.
Therefore, if you are making year-end purchases to increase your 2017 business expense deductions, be sure the property you purchase is placed in service before year’s end. Please call this office with questions.
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