Its means "belonging to it" and it's means "it is." But if we usually show possessiveness by adding an apostrophe and an -s, why doesn't that work here?
The word it is a pronoun, and when you make a pronoun possessive, it changes form. He becomes his, she becomes her, we becomes our, and who becomes whose. The possessive form of it is its. Below are some examples using the possessive pronoun its.
The contraction of "it is" has an apostrophe to stand in for the missing letter, just like the contractions don't (do not), they'll (they will), we've (we have), let's (let us), and he's (he is or he has) have apostrophes in place of the missing letter or letters. Below are some examples using the contraction it's.
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