tax credit question

[OhioBurner©]

Ok this might be a stretch but I figure no harm in asking. Does anyone know if the credit will aplly if you put a down payment on a stove... but don't actually have it payed in full until next year?

Just curious... would like to utilize the rest of the credit but dont have money for the whole stove right now. Another thought I had would be to buy the liner for the stove this year and claim it, and get the stove next year. Too much of a streeeeetch?

 

[shawneyboy]

From what I understand the transaction must close to be elligible. A down payment is "returnable" so ..... Now this is how I understand it, and I am NOT an accountant.

 

[Slow1]

Heh - I recall when the credit came into being the big debate was "Can I get it - I installed on Dec xxx but didn't really burn until Jan xxx because of xyz"... on the argument that the language was something like "stoves put into service after Jan 1." So... if the language is consistent and the key is when the stove is "put into service" then I would expect it to be installed/inspected and good to go is the date to go by.

The credit is for the stove - the liner is only covered as a 'necessary part of a safe install' so your idea of getting the liner and claiming it by itself is almost certainly not going to fly. Buying the stove only and put it into service sans liner might work (not a good install, but cheaper and tax credit worthy). I imagine there are or will be stove shops willing to do a finance deal of some sort so that you can buy/install in Dec and pay remaining part once you get the credit back.. for a fee of course.

Not an accountant here, go read the law or ask a qualified professional for real (meaningful) advice. I'm sure you can find one that will interpret the law favorably for you

 

[Fsappo]

Needs to be bought and installed by the end of the year. The liner , labor, transportation costs, silicone, screws, etc all count. Only the sales tax doesnt get the credit applied to it.

 

[tickbitty]

I wanted mine under last year's tax credit, (just in case I had something additional I wanted to do it 2010, etc) so I found a dealer who had the stove I wanted IN STOCK and went down and got it and paid for it on the spot before the end of Dec. Likewise I ordered the liner toward the end of the month and got it before the end of Dec. I arranged and paid for the handyman who was helping to install it (a friend who I knew wouldn't rip me off) before the end of Dec so the whole thing had reciepts in full before the end of 2009. Didn't ACTUALLY put it into service till we were a couple few weeks into January but on paper it was all good to go. I really don't know if it would technically have worked out if the stove was not in hand by then or not. But I think better safe than sorry.

 

[OhioBurner©]

Yeah I figure that wasnt going to work. I only have about $500 to go to hit $4500 so its really only about $150 more I can get back... maybe waiting until spring I'd get that much off the stove anyhow, or more.