2008 Tax Credit?

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BillT

Member
Aug 26, 2008
88
Moneta, VA
I did a little research and it looks like there is none, but would like to verify that there is no tax credit (or tax deduction) for the purchase of a wood stove for home personal use in 2008.

Is this correct?


Thanks

Bill
 
correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%
 
Remember also that the magic words are "placed in service in 2009". Another ambiguous bit of wording in the tax code but one that provides some wiggle room.
 
stoveguy2esw said:
correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%
Iirc, my wood stove was rated 79%.. can't be THAT uncommon for a new stove..
 
Jay777 said:
stoveguy2esw said:
correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%
Iirc, my wood stove was rated 79%.. can't be THAT uncommon for a new stove..

according to them its only 77%
still awesome...
http://www.regency-fire.com/Wood/Inserts/I2400/
 
stoveguy2esw said:
correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%

I purchased my new BK Princess insert a couple of weeks ago (2009) .The Princess Insert PI1010A
has been tested and certified with an overall efficiency
of 82.5%!.
How much will I get back from the Tax people?
Jim
 
Lanning said:
...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick
 
Everybody is just going to have to hang loose for a while. The bill passed in October had the 75% efficiency number in it and the max credit was $300. The stimulus bill Obama signed yesterday indicates there will be a lower efficiency number and the tax credit will be 30% of the purchase.

Film at eleven.
 
[quote author="stoveguy2esw" date="1234989580"]correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%[/quot

Many Lopi stoves are over that 75% efficiency mark now so I would imagine Avalons are above that too...Good news for sure
 
spendaviscpa said:
fossil said:
Lanning said:
...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick

That hurts Rick!

C'mon. I didn't say anything bad about CPA's. One of my best and longest-time friends is a CPA. I just said I wasn't sure we had any here. Rick
 
fossil said:
spendaviscpa said:
fossil said:
Lanning said:
...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick

That hurts Rick!

C'mon. I didn't say anything bad about CPA's. One of my best and longest-time friends is a CPA. I just said I wasn't sure we had any here. Rick

Actually that means that there are now two. :coolgrin:
 
Thanks for the replies.

I bought my stove in Sept '08. The date is on the receipt. But I will be installing it in '09. Will it possibly qualify??

Bill
 
BrotherBart said:
Everybody is just going to have to hang loose for a while. The bill passed in October had the 75% efficiency number in it and the max credit was $300. The stimulus bill Obama signed yesterday indicates there will be a lower efficiency number and the tax credit will be 30% of the purchase.

Film at eleven.

For real? I am starting to feel stimulated....
 
BillT said:
Thanks for the replies.

I bought my stove in Sept '08. The date is on the receipt. But I will be installing it in '09. Will it possibly qualify??

Bill

The IRS defines "placed in service" as when it is "available for use".

I know. Who the heck knows?
 
So, I bought my Englander 30 in January. Is it the $300.00 tax credit able to be used for 2008 taxes or is it 2009? Assuming that the Englander meets the efficiency rating, I'll have to look into that too.
 
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