Justin S. answered 12/22/19
Learn from an archaeologist!
Radiocarbon dating has several limitations, namely that it can only be used on finds that were once living (for example bone from animals). The dates determined do not tell us when the object was used but only when the object was a part of a living organism (linen from flax will tell us when the flax plant was alive). Basically, the method involves the measuring of the ratio between Carbon 12 (C12) and Carbon 14 (C14). Both are taken in by a living organism, and the amounts remain constant so long as the organism is living, but since C14 is radioactive, it undergoes decay at a standard rate of decay. By measuring the difference between the two, the length of time that has passed since the organism died can be determined.
As far as precision, radiocarbon dating can be quite precise, but there are complications. First, since the measurement comes from radioactive decay, there will be a point in which C14 is no longer measurable, the halfway point of which is around 5,700 years. This gives a maximum measurement of around 50,000 years. Anything older than that will not contain measurable C14. Second, since C14 is created in the atmosphere via solar radiation, there is atmospheric variation, sometimes significantly.
This sounds as if this dating method is useless, but that’s far from true. C14 dating is calibrated by use of known dating points, particularly through dendrochronology (the science of counting tree rings). Tree ring growth is precise, and the growth can tell us a lot about environmental changes. This calibration makes C14 dating quite precise.
Of course, other points of concern come from samples that may have been in contact with the oceans (radiocarbon composition in the oceans is different from that of the atmosphere) or through contamination (for example through mishandling). So long as these other points are taken into account, the measurement can be used for science.
See the following link for more information:
https://c14.arch.ox.ac.uk/dating.html