2010 Tax Credit

[RnG17]

2010 Tax Rebate for wood stoves:

I apologize now because I'm sure its been posted too many times before. But everyone on here gives quick and direct answers and I like that, so I figured I'd ask, rather than search for another hour. . .


I have the tax rebate form printed out, but can you do it on Turbo Tax?

I'm ready to do my tax's and just want to KNOW before I start the process.

Thanks guys!

 

[BrotherBart]

According to their website you can.

 

[RnG17]

hmm, probably would have been a good place for me to look!

Thank you!

 

[NextEndeavor]

Yes, it’s in Turbo Tax under: Deductions, Home Energy Credit then click on “learn moreâ€. It goes on to state under the non-business energy credit “stoves that burn biomassâ€. However, when you find that section over in the area where you are entering the numbers, it only talks about natural gas, propane and oil furnaces but I think that’s where it goes. If EPA rated stove better than 75% efficient, you get 30% back up to $5K which is $1,500 maximum return.

 

[Fsappo]

Turbo tax does it

 

[shawneyboy]

Yes, it’s in Turbo Tax under: Deductions, Home Energy Credit then click on “learn moreâ€. It goes on to state under the non-business energy credit “stoves that burn biomassâ€. However, when you find that section over in the area where you are entering the numbers, it only talks about natural gas, propane and oil furnaces but I think that’s where it goes. If EPA rated stove better than 75% efficient, you get 30% back up to $5K which is $1,500 maximum return.

Yep thats it, even though it doesn't say it on the form itself it does state to put it here in the directions.

Shawn

 

[Dieselhead]

is there an easy way to find out if your stove is compliant? I put my nz3000 in in 2010 thanks

 

[shawneyboy]

is there an easy way to find out if your stove is compliant? I put my nz3000 in in 2010 thanks

You should have gotten a certificate from the dealer, even if you do not have the form you still may be compliant, but.... you need to have the certificate from the manufacturer...

A quick look at the brochure it says it is EPA compliant, but I did not see the effeciancy..... effeciancy is the key


Shawn

 

[SnapCracklePop]

I didn't get the certificate from Lowe's, but I found it online at Pleasant Hearth website and downloaded it.

It's in the hands of my tax man as we speak...

Nancy

 

[Dieselhead]

is there an easy way to find out if your stove is compliant? I put my nz3000 in in 2010 thanks

You should have gotten a certificate from the dealer, even if you do not have the form you still may be compliant, but.... you need to have the certificate from the manufacturer...

A quick look at the brochure it says it is EPA compliant, but I did not see the effeciancy..... effeciancy is the key


Shawn

thanks ill dig a little deeper

 

[gyingling]

Does anybody know if you can deduct a used stove that was a private sale?

 

[Fsappo]

Does anybody know if you can deduct a used stove that was a private sale?

100% Against the rules to do so. If you want specifics search the forums. I've provided details, sources, quotes numerous times.

 

[Dieselhead]

Ya the NZ3000 does not qualify oh well

Qualifying stoves:
http://www.napoleonfireplaces.com/Company/irs_certificate.pdf

 

[shawneyboy]

Ya the NZ3000 does not qualify oh well

Qualifying stoves:
http://www.napoleonfireplaces.com/Company/irs_certificate.pdf

That sucks !!

Shawn

 

[Dieselhead]

Ya the NZ3000 does not qualify oh well

Qualifying stoves:
http://www.napoleonfireplaces.com/Company/irs_certificate.pdf

That sucks !!

Shawn

just another example of the man holding me down lol

 

[briv]

Has anyone had a problem getting this tax credit? I found that when I went through Turbotax is totalled my available credit for the stove at $0. I quick read through FAQ's said that if an individuals tax burden is already $0 then the tax credit is not allowed (I didn't think I had $0 tax burden since my only deduction is mortgage). I was excited to get a cool $1500 but I guess not. Anyone else run into this?

 

[shawneyboy]

Has anyone had a problem getting this tax credit? I found that when I went through Turbotax is totalled my available credit for the stove at $0. I quick read through FAQ's said that if an individuals tax burden is already $0 then the tax credit is not allowed (I didn't think I had $0 tax burden since my only deduction is mortgage). I was excited to get a cool $1500 but I guess not. Anyone else run into this?

It is easy to see what your tax burden was. Line 60 on a 1040. If indeed you had a zero tax burden, then you get nothing. From what I understand it is a credit against tax paid/owed.

Shawn

 

[briv]

Thanks shawneyboy. I'll have to check that out. Although it wouldn't have affected my purchase of the stove it would have been nice to get $1500.00

 

[manada_hill]

just an FYI, if you applied energy tax credit on 2009 (say $300) then you can only claim ($1200) on 2010 returns.

 

[Dieselhead]

Ya the NZ3000 does not qualify oh well

Qualifying stoves:
http://www.napoleonfireplaces.com/Company/irs_certificate.pdf

That sucks !!

Shawn

banged em for the full 1500 credit on my tankless water heater and heat pump/furnace system so its all good.