How does the tax credit work?

[FatttFire]

I know I know I know............................. I would love the P.E. T-6! After reading a few resent posts on cracked welds I am nevous as hell now! I was wondering though, how the "tax credit" works? Do they take the cash off the top of the stove, do they refund me more money at the end of the year? Or do they lower the over all amount I am going to pay on my property taxes? Or whatever!

let me know!

 

[moosetrek]

As I understand it, it is a tax credit (not a deduction), so is taken straight off the amount you owe, $ for $, or is added to your refund. If you bought a $2400 stove (the T-6), then you would take $720 off your total tax owed, or add $720 to the amount you are due as a refund. You must be the original owner of the stove, and it must be installed in this year. I believe that supporting products are also covered (new chimney, hearth, etc.). I doubt your firewood is though! We just ordered a T6 today, after much contemplation and excellent advice on this forum. A hefty chunk of $, but when all is said and done the tax credit, plus whatever we make selling the old stove on CL, will cut down the pain. It'll be worth it just watching the huge glass and sitting by that cast iron beast!

Good luck-

 

[MountainStoveGuy]

the tax credit is also good for 2010.