Placed in Service: A financial term referring to when an asset is available for use by an organization or company. It indicates that all the necessary steps are complete and the asset can now be put into service for its intended purpose. In order for an asset to be considered “placed in service,” it must meet certain criteria, including declaration of intent, installation of resources, and a sign off or confirmation from an authorized personnel. The value of an asset placed in service is immediately taxable, as it has become a part of the operational cost.