New Pellet Stove, Taxes and Tax Credit

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kenstogie

kenstogie

Feeling the Heat
Oct 2, 2012
463
Albany (ish)
Last fall I bought a lovely new Englander Pellet Stove and as I am doing my taxes now I am wondering

.....where and how I put in for the $300 tax credit?


Many thanks in helping me keep $300 of my hard earned income :)
 
http://www.irs.gov/pub/irs-pdf/f5695.pdf
Edit - the form is a bit confusing, but the link has instructions. You need to enter the amount in line 22. If you are using turbotax its easier and you can select that you have a qualifying expense. Keep in mind this credit has a $500 cap and dates back to 2009...so if you claimed this energy credit on other items, such as energy efficient windows, heat pump, or insulation in the past and you already reached the $500 cap, you are no longer eligible.
 
Last edited:
Wow That's some great info. thanks. I am using HR Block but the info will carry over I am sure. Thanks again.
 
I also believe that you can only take this tax credit, once in your lifetime (which has always seemed ridiculous to me).
 
I have never taken it so I am going to take as much as I can. in the HR Block tax software it doesn't list anything like a pellet stove so it's confusing.... nonetheless I AM going to get that credit. ;)
 
I found where to put it in the HR Block Software....

Credits/Residential Energy Costs/Heat Pump, Central Air Conditioner, or Water Heater


"A stove that uses the burning of biomass fuel to heat your home or heat water for your home that has a thermal efficiency rating of at least 75% as measured by using a lower heating value. Biomass fuel is any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers"

Took some digging but there it is. Also there are listing in the same section for windows and doors.
 
In 2009 the credit was 1500 dollars or 30%, whichever was smaller. That is when we bought our harman and got a nice chunk back. But upon renewal of the credit a cap was instated and made retroactive to 2009. Therefore I couldn't claim it again when I purchased my MVAE.
 
From what I was told by my accountant witch I did last year . I only got $250 and you can only use it once .
 
Ctcarl said:
From what I was told by my accountant witch I did last year . I only got $250 and you can only use it once .
Click to expand...
The credit is 10% or 300, whichever is smaller. I'm assuming you expensed. $2500. There is a $500 cap. So you are still eligible if you have had qualifying expenses.
 
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john193 said:
The credit is 10% or 300, whichever is smaller. I'm assuming you expensed. $2500. There is a $500 cap. So you are still eligible if you have had qualifying expenses.
Click to expand...
Thanx! Gonna see my accountant in a fee weeks will mention that:)
 
Anybody know if this tax credit is still in effect to help me out next year as I just sent a check for $3800.- for a new harman. I think I heard somewhere the tax credit got yanked by comrade oh
 
Yet the question still remains, did it get yanked or was it just rumor. I sure hope he did'nt let this happen, kindof a bummer if it did.
 
BGStG1aholic said:
Anybody know if this tax credit is still in effect to help me out next year as I just sent a check for $3800.- for a new harman. I think I heard somewhere the tax credit got yanked by comrade oh
Click to expand...
Yea a few years back some people were getting a good grand or $1500 . As stated above I think it c
BGStG1aholic said:
Yet the question still remains, did it get yanked or was it just rumor. I sure hope he did'nt let this happen, kindof a bummer if it did.
Click to expand...
i think you can only get a max of $500.
 
2013 was the last year for pellet stoves. The recently passed budget did not renew this credit. If you didn't put a stove in by Dec 31, 2013 you are SOL.
 
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